Kerala State Industrial Development Corporation Ltd. (KSIDC), an industrial and investment promotion agency of the Government of Kerala has been involved in various Startup initiatives like Business Incubation Centres, mentoring sessions for young entrepreneurs, seed funding for innovative startups etc. The Innovative finance scheme was launched as part of YES (Young Entrepreneur Summit 2014) initiative. Under the scheme, innovative ventures are given seed fund by way of soft loan or equity share capital at 90% of the project cost or Rs.25 lakhs whichever is lower. The scheme was made operational during FY 2015-16. Under this scheme, the Project Evaluation Memorandum and specific Term Sheet shall be placed before the Sub Committee of the Board of KSIDC for the investment decision and sanction. The Sub-Committee of the Board is headed by Chairman-KSIDC, MD-KSIDC and two nominated directors. Two subject experts having domain knowledge of the project and seed funding/finance shall participate every meeting on invitation.
The seed fund assistance will be sanctioned as Soft Loan for a period of one year at the prevailing RBI bank rate as on the date of sanction of financial assistance. After one year, the Company shall either take necessary steps to convert the soft loan into Equity Capital or repay the soft loan with applicable interest.
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