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Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme

Date: 28 February 2019 Tags: Agriculture

National Cooperative Development Corporation (NCDC) has launched Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme to cater needs and aspirations of the youth. It is youth-friendly scheme aimed at attracting youth to cooperative business ventures.

Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme

  • It aims at encouraging cooperatives to venture into new and innovative areas and meet the needs of youth.
  • It is linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by NCDC. All types of cooperatives in operation for at least 1 year are eligible to avail its benefits.
  • It envisages 2% less than applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal.
  • It provides more incentives for cooperatives of North Eastern region (NER), Aspirational Districts and cooperatives with women or SC/ST or Persons with Disabilities (PwD) members.
  • The funding for project under it up to 80% of total project cost for these special categories against 70% for other states.

National Cooperative Development Corporation (NCDC)

  • It is unique and sole statutory organisation functioning as apex financial and developmental institution exclusively for cooperative sector.
  • It is ISO 9001:2015 compliant organization. It has distinctive edge of competitive financing. It supports cooperatives in diverse fields apart from agriculture and allied sectors.
  • It functions under Union Ministry of Agriculture & Farmers Welfare. It has many regional centres to provide financial assistance to Cooperatives, Societies and federations.