MABVS

The Meghalaya Any Business Ventures Scheme, part of the Chief Minister’s CM-ELEVATE Program, provides financial support to 50 entrepreneurs across the state to start their own businesses.

The Chief Minister’s CM-ELEVATE Program by the Government of Meghalaya promotes entrepreneurship across the state. Under this program, the Meghalaya Any Business Ventures Scheme provides financial support to 50 entrepreneurs to help them establish their own business ventures.

Objectives of the scheme

• Identifying demands present within the state: The focus is on identifying existing market needs and gaps in the local economy, paving the way for strategic business development.- Supporting underserved business ventures: The objective is to extend support to enterprises that have been historically underrepresented or lacked resources, fostering inclusivity in entrepreneurship.- Exploring the potential for developing products of national importance: The aim is to investigate opportunities for the creation of products or innovations with significance on a national scale, contributing to the country's growth.- Providing a platform to showcase their skills: The initiative involves creating a platform where individuals and businesses can exhibit their talents, skills, and offerings to a wider audience.- 50 facilities to be supported across the state: The plan includes providing assistance and resources to a total of 50 facilities, strategically distributed across the entire state.- Offering businesses an opportunity to showcase their uniqueness: Businesses are encouraged to highlight their distinctive qualities, enabling them to stand out in the market and attract customers.- Overall economic development by providing people with job opportunities and an increase in other economic activities: By generating employment opportunities and stimulating various economic sectors, the overarching goal is to contribute to the comprehensive development of the region.

Eligibility Criteria – Individuals

• The applicant should be between 18 and 58 years of age.
• The applicant and all partners involved in the proposal should be residents of the state of Meghalaya, and valid identification documents demonstrating residency should be submitted.
• The applicant should provide proof of relevant experience in the field related to the proposed project; fresh applicants without demonstrated experience should not be considered.
• The applicant should provide proof of land ownership or a valid lease agreement for the proposed establishment.
• The applicant should demonstrate commitment to the project by providing proof of the required contributing share, including financial contributions, resources, or any other form of investment outlined.
• The applicant should commit to employing local residents in accordance with the funds received and the type of unit being established.

Eligibility Criteria – Registered Entities

• The applicant (authorized representative/partners) should be between 18 and 58 years of age.
• All partners involved in the proposal should be residents of the state of Meghalaya, and valid identification documents demonstrating residency should be submitted.
• The applicant should provide proof of relevant experience in the field related to the proposed project; fresh applicants without demonstrated experience should not be considered.
• The applicant should provide proof of land ownership or a valid lease agreement for the proposed establishment.
• The applicant should demonstrate commitment to the project by providing proof of the required contributing share, including financial contributions, resources, or any other form of investment outlined.
• The applicant should commit to employing local residents in accordance with the funds received and the type of unit being established.

• 25% upfront subsidy (max ₹12.5 lakhs) by Government of Meghalaya
• Up to ₹5 lakhs EMI support (10% of project cost)
• Loan up to 70% of project cost via MCAB, SBI, HDFC, etc
• 15-year loan term with 18-month moratorium
• Mentorship and coaching via PRIME
• Support for business registration if required

Individual applications shall not ordinarily be considered for:

• State and Central Government employees (full-fledged, contractual, or retired and drawing pension) and their immediate family members (spouse, parents, and children up to 30 years of age).
• Employees of Public Sector Undertakings (PSUs), their subsidiaries, or divisions, and their immediate family members.
• Individuals engaged in political positions such as MLAs, MLCs, MPs, or those seeking similar positions.
• Registered Class-1 contractors.
• Consultants currently engaged with the State or Central Government.
• More than one member from the same family.
• Pressure groups or organizations that are primarily political in nature.

Registered Entities Applications shall not ordinarily be considered for:

• Government employees (full-fledged, contractual, or retired and drawing pension) and their immediate family members.
• Employees of Public Sector Undertakings (PSUs) and related entities.
• Individuals engaged in political positions or seeking such positions.
• Registered Class-1 contractors.
• Consultants currently engaged with the State or Central Government.
• More than one member from the same family.
• Pressure groups or organizations that are primarily political in nature.