The Government has decided to set up a Business Grant Scheme to incentivise small and medium enterprises to start businesses in the country.
In a move that will help many small and small business (SMB) to expand and create jobs in the economy, the government has decided that SMEs (small and medium businesses) will be eligible to get Business Grants.
The Government is inviting SMEs to apply for Business Grants of Rs 500 and above and will award grants in the order of Rs 100,000 per business for the duration of the project.
The initiative aims to create jobs, create employment opportunities and provide small and Medium enterprises with an incentive to start up.
The Government will also provide funding for them to hire employees and hire equipment.
The proposal will be reviewed by the Government in 2019.
The government is keen to attract SMEs into the small and SMEs’ economy as well as provide them with financial help to start and expand their businesses.
The government will also be providing a small subsidy to the SMEs and also a small grant to their employees.
The Business Grants are expected to help SMEs grow.