To cater to the needs and aspirations of the youth, the National Cooperative Development Corporation (NCDC) has come up with a youth-friendly scheme ‘Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme” for attracting them to cooperative business ventures.
Objectives: The newly launched scheme would encourage cooperatives to venture into new and innovative areas.
- The scheme will be linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC.
- It would have more incentives for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST or PwD members.
- The funding for the project will be up to 80% of the project cost for these special categories as against 70% for others.
- The scheme envisages 2% less than the applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal.
- All types of cooperatives in operation for at least one year are eligible.
- The NCDC has the unique distinction of being the sole statutory organisation functioning as an apex financial and developmental institution exclusively devoted to the cooperative sector.
- It supports cooperatives in diverse fields apart from agriculture and allied sectors.
- It is an ISO 9001:2015 compliant organisation and has a distinctive edge of competitive financing.
- It has extended financial assistance of Rs 63702.61 crore during 2014-2018 (as on November 13), 220% more than Rs 19850.6 during 2010-14.