GUWAHATI: A Memorandum of Understanding of a new scheme called Chief Minister's Start-up fund 'Sarothi' was signed between the Department of Industries and Commerce and Assam Gramin Vikas Bank (AGVB) here today. 

The MoU was signed by Additional Director, Industries and Commerce Manjula Saikia Bhuyan and AGVB's General Manager N N Baishya, an official release said.

The basic objective of the scheme is to provide financial assistance in the form of loan with interest subvention at five per cent per annum through Assam Gramin Vikas Bank covering the entire state. 

All innovative start-up industrial activities and new individual applicants shall be eligible to get the benefit under the scheme. 

Priority will be given to applicants having any kind of skill development training. 

This initiative has been undertaken to remove the hurdle of equity or fund crunch for the interested entrepreneurs. 

The scheme shall be operational from the financial year 2016-17 and shall be valid for a period of five years. 

All General Managers (GMs) have been instructed to invite applications from eligible beneficiaries and to convene a district level committee along with AGVB for selection of those beneficiaries, the release added.

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