ON MISSION TO CREATE SELF EMPLOYMENT OPPORTUNITIES AND HOUSING FOR MILLION OF INDIANS
Niti Aayog Reg : DL/2023/0345328
CIN NO : U85500DL2023NPL411525
PAN NO : AAFCF4040H
URN : UDYAM-DL-110060371
The "Skilled Youth Start-Up Scheme (SYSS)" was launched with effect on 15th August 2020 by the Commerce & Industries Department of the Government of Sikkim, with the vision to reduce unemployment and create adequate self-employment opportunities in the long run. SYSS is intended to generate equitable entrepreneurial opportunities in rural as well as urban areas of Sikkim, particularly among the educated unemployed youth to become self-employed by setting up Manufacturing / Service / Business / Co-Operative / Agriculture & Allied Activities by availing loans (category wise) with back ended subsidy assistance from the State Government @ 50% for Below Poverty Line (BPL) and @ 35% for rest on financially viable/ bankable Projects cost.
Objectives:
1. To promote entrepreneurial qualities amongst the local unemployed youth and encourage them for setting up any commercially viable/ bankable business venture in any sector including Agriculture / Horticulture / Food Processing / Animal Husbandry / Handloom & Handicrafts / Retail / Tourism / Services / Manufacturing etc. in the State in tune with the State Government policies.
2. To generate equitable entrepreneurial opportunities in rural as well as urban areas of the State through the setting up of new self-employment ventures/projects by providing one-time non-refundable financial assistance of 50% / 35% with back-ended subsidy on project approval by the Bank/ PSU financial institution.
The scheme will be implemented by the Department of Commerce & Industries, Govt. of Sikkim, through the District Industries Centres (DICs) for appraisal of the projects, their financial viability and providing assistance for their credit linkage with the financial institutions and line Departments.
Subsidy
The beneficiaries will be provided with back-ended subsidy assistance from the State Government @ 50% for BPL and @ 35% for the rest on financially viable/ bankable Project costs.
Training
After the selection of beneficiaries, 03-day Entrepreneur Development Training Programme (considering the Covid-19 pandemic situation) shall be conducted by RSETI or any competent Government Training Institute and on completion, the institute will issue training certificates. However, the training shall be completed within 60 days from the date of selection of beneficiary by the Committee. The prescribed EDP training is mandatory before releasing loans by the Banks.
Activities Covered and Maximum Project Cost:
Eligibility of the Applicant:
1. The applicant should possess a Certificate of Identification (COI) of self or his/her
father possessing Sikkim Subject Certificate / Certificate of Identification / Residential Certificate for urban areas.
2. The applicant should be unemployed possessing a minimum educational qualification
of class 5th from any recognized school. For technical projects/ manufacturing and service sector the applicants should possess a certificate from Technical Institute.
3. Applicant should be in the age group between 18 years to 45 years of age on the date of filing the application.
4. Only one member of a family shall be eligible to avail of the benefits under the Scheme.
5. The family income shall not exceed ₹ 8,00,000 per annum. The ‘family’ includes self, spouse, and kids in the case of married applicant. In the case of unmarried beneficiary, the family includes parents and unmarried siblings. In the case of Government Servant, ‘C’ and ‘D’ employees' children can only avail of this benefit.
6. The scheme comprises of subsidy and contribution of the beneficiary at 5 % of the project cost.
7. The beneficiary should not be a defaulter to any nationalized bank / financial institution / Cooperative bank.
8. A person who has already availed of subsidy under CMSS/ PMEGP shall not be eligible under the scheme.
9. Trade License is mandatory for all kinds of projects/businesses.
10. The applicant falling under the Persons with Disabilities (PWD) category will be given priority and can avail 50% loan subsidy.
11. The Project cost will include Capital Expenditure and three months working capital requirements for the venture depending upon the project.
12. The Cost of the land should not be included in the Project cost. The cost of the ready-built, as well as long lease or rental Work shed/ Workshop/ Shop, can be included in the project cost subject to restricting such cost of ready-built as well as long lease or rental Work shed/ workshop for a maximum period of 2 years only.
Eligibility of the Financial Institution:
The eligible Financial Institutions for extending loans under the Scheme shall be all Nationalized Banks, Private Sector Banks, State Cooperative Banks, and State Bank of Sikkim
A person who has already availed of subsidy under CMSS/ PMEGP shall not be eligible under the scheme.
Offline
Step 01: The applicant shall submit their applications in the prescribed format as provided in Annexure-I of the scheme guidelines; in hard copies along with the Detailed Project Report and the Mandatory Documents addressed to: General Manager, DIC (E/N)/(S/W), Govt. of Sikkim, Gangtok/Jorethang.
Step 02: The District Industries Center shall receive the application along with the requisite documents, and issue an acknowledgment in the prescribed format as provided in Annexure-II, duly indicating the Application ID.
Step 03: The Selection Committee will examine the project for in-principal approval, and forward the list to Headquarters for information.
Step 04: The committee headed by the Secretary of the Commerce & Industries Department shall advise the Selection Committee regarding the sanctioning of the back-end subsidy.
Step 05: Upon sanction and disbursement of the project, the admissible financial assistance of either 50% or 35% of the approved bankable project cost in the form of back ended subsidy will be provided by the Government through the Commerce & Industries Department to the concerned public sector Banks/ PSU / Financial Institutions.
Repayment of Loan:
Repayment of the loan amount along with interest obtained from the bank shall be the sole responsibility of the applicant as per the terms and conditions of the bank. If the beneficiary wants to close the loan account before the completion of the loan period, he can do so with the approval of the Commerce & Industries Department. If the beneficiary wants to close after one year, they are free to do for agriculture & allied activities, and for other projects, the lock-in is 3 years.
NOTE: Exaggeration in the cost of the project with a view only to availing a higher amount of subsidy shall not be considered for approval by the Committee.