Free Press Journal

Indore: 40 young entrepreneurs recommended to banks for Rs 25 crore loan approval

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Indore: Aimed at empowering youths to grow as an entrepreneur and thus, generate jobs in their establishments, a proposal to provide a loan of Rs 25 crore to as many as 40 youths of the district to set up their own units, was recommended to banks in a meeting of task force, held here at collector office on Thursday.

Chairing the meeting, collector Nishant Warwade personally met the youths, who had applied for loans under different self-employment schemes of the government, and discussed the vision, planning, product utility and financial implications of their projects before recommending their proposals for loan approval. General manager of industry department, Santosh Trivedi informed that total 30 youths had applied for loans under the CM Youth Entrepreneur scheme, among whom proposals of 21 budding entrepreneurs were approved by the task force for recommendation to banks for sanction.

Similarly, proposals of 16 youths among 32 total applicants under PM Employment Scheme were approved for recommendation while Antyavsai Nigam recommended three youths for loan approval, Trivedi said, adding that there is a provision of securing a loan of up to Rs 1 crore under CM Youth Entrepreneur Scheme. Now, post approval for recommendation by the task force, the proposals would be sent to banks for them to evaluate and sanction loans.


The collector however instructed the officials to ensure that once the loans are approved by the banks, the units must be set up on the land earmarked for industrial use only and not occupy any plot in residential areas. He also warned the budding entrepreneurs that the loan amount should utilised solely on their projects.