A new programme will provide beneficiaries with up to 25% of project costs in subsidies. The UYEGP Scheme is an MSME department scheme that is only available to citizens of Tamil Nadu. MSME is an acronym that stands for Micro, Small, and Medium Enterprises. Start-ups and other business initiatives with a small budget and limited operations fall into this category. The Tamilnadu UYEGP Scheme makes an effort to lower unemployment among those who are economically and socially vulnerable. It was developed to encourage educated unemployed individuals to start their own businesses in their communities and stop rural-to-urban migration. We’ll talk about the reasons for the Unemployed Youngsters Employment Generation Program’s inception in today’s post. Moreover, the application procedure, as well as its features and benefits.
About UYEGP Scheme 2023
The Unemployed Youngsters Employment Generation Program has been created by the Department of Micro, Small, and Medium Enterprises of the Government of Tamil Nadu (UYEGP). An entrepreneur needs to obtain urgent financing in order to open a new business in addition to overcoming numerous other business obstacles. Regardless of the explanations, there are situations where banks won’t assist people for the first time. To address this problem, the Tamil Nadu government established a small business lending programme. A programme called UYEGP Scheme aims to encourage young people who are unemployed to start their own businesses.
The state government has stepped up to offer assistance, but in order to accomplish their goal, they have also established some requirements that must be completed before enrolling under the programme, such as age, educational requirements, and family income. Only loans up to 90–95% of the project’s cost will be made under this scheme, and qualified recipients will also be eligible for a 25% subsidy.
Also Read: Tnvelaivaaippu Registration
The objective of UYEGP Scheme 2023
This UYEGP program’s main goal is to lower unemployment among socially and economically underprivileged populations, especially among educated unemployed people, by enabling them to start their own service, manufacturing, or entrepreneurial companies with a loan and support from the state government. Serving all of the state’s underprivileged areas demonstrates the government’s commitment to improving the quality of life for minority group members.
Key Highlights of UYEGP Scheme 2023
|Launched By||Government of Tamil Nadu|
|Name of Scheme||UYEGP Scheme 2023|
|Objective||To give low-income citizens business loans and assistance.|
|Benefits||Receive subsidy of 25 percent of the entire Project|
|Eligibility Criteria||Citizens who have lived in the state for the past three years|
Benefits of UYEGP Scheme 2023
- Every recipient must take a seven-day course as part of the Entrepreneur Development Program (EDP).
- The programme concentrates on beneficiary selection at the district level to achieve equitable benefit distribution across all districts.
- The length of the moratorium and loan repayment are set by the bank.
- There are many banks and financial institutions that offer easy access to finances, including commercial banks, nationalised banks, and the Tamil Nadu Industrial Cooperative Bank.
- The general manager of the relevant (DIC) District Industries Center will routinely schedule buyer-seller meetings to help with marketing.
- For loans up to Rs. 10 lakhs, CGTMSE does not require any security or collateral. The credit guarantee trust will ensure that the required security criteria are met for banks and other financial organisations.
Also Read: National Apprenticeship Promotion Scheme
Features of UYEGP Scheme 2023
The following are some of the main components of the UYEGP Scheme 2023:
- The promoter will contribute 10% to the General Category Scheme and 5% to the Special Category Scheme to assist the economically and socially underprivileged segments of society with their unemployment problems.
- Assistance with Loans from Commercial Banks Project Costs in Manufacturing, Trading, and Services: Maximum project costs are Rs. 15,000, 5,000, and Rs. 5,000, respectively. Individual Capital Subsidy @ 25% of Project Cost (Maximum Rs. 2.50 lakh)
Eligibility Criteria for UYEGP Scheme 2023
The table below lists the requirements for the UYEGP Scheme 2023:
- The only people who may apply for this loan are individuals.
- The applicant must have completed at least eighth grade.
- Candidates for the General Category must be between the ages of 18 and 35.
- Candidates for Special Category must be between the ages of 18 and 45.
- The applicant’s household cannot earn more than Rs. 5, 00,000 per year.
- The candidate must have lived in the same region of Tamil Nadu for at least three years.
- If the applicant has already obtained a loan or subsidy for another project, they are not eligible for UYEGP.
- The business’s maximum project cost must be Rs. 5,000,000.
- The maximum project service cost is Rs. 5,000.
- The maximum manufacturing project cost is Rs. 10 lakh.
The following is a list of the UYEGP scheme documents:
- Identification Documentation
- An estimate for the project’s necessary resources
- Qualification certificate for education.
- Project report
- Residential evidence
- Certificate of caste (If applicable)
- Handicapped (If applicable) (If applicable)
- Pictures the size of a passport
- Mobile Number
Application Process for UYEGP Scheme 2023
To apply for the plan, you must follow the instructions as stated in the application process:
- First you have to visit the official website of MSME.
- A homepage will appear on your screen..
- Go to the MSME home page and select the UYEGP option.
- You will be directed to a different page by the link.
- Click the New Application link under the Apply Online tab now.
- An application form will show up on a new page that loads.
- You must now fill out the application form with your information.
- Upload all of the necessary paperwork after that.
- Cross-check the information thoroughly, and then select the submit option.
Process to Download Filled Application Form
After submitting your application, you can download it by simply following the instructions here.
- You can select the Download Filled Application option from the same Apply Online tab after submitting your application successfully.
- The screen will change to a new page.
- Put your phone number in the space provided.
- Click the submit button after that.
- On the screen will be the application form.
- To download it to your device, select the download option.
- Commissionerate of Industries and Commerce,
- SIDCO Corporate Office Building,
- Thiru-vi-ka Industrial Estate
- Guindy, Chennai -600032
- Board No.22505011, 22502053, 22502018, 22501007, 22501073
- Email: [email protected] , [email protected]
FAQs of UYEGP Scheme
With Udyam Registration, MSME enters the formal system, enabling simple access to all government services. Udyam is required to open a bank account, qualify for incentives, and use government assistance programs for your industrial facility.
The Innovation Voucher Program (IVP) assists MSMEs, individuals, organizations, and startups in creating novel, cutting-edge goods and processes. A subsidy between Rs. 2 and 5 lakhs is offered for this effort.
An initiative of the Tamil Nadu government is the Tamil Nadu Industrial Investment Corporation Limited (TIIC). They offer working capital loans and term loans to MSMEs at competitive rates.