The Tamil Nadu government has launched an equity/debt fund exclusively for SC/ST entrepreneurs who are running innovative and scalable startups. The TN SC/ST Startup Fund is a government initiative that aims to provide financial assistance to startups that are promoted by SC/ST founders.
To be eligible for this fund, the company must meet the following criteria:
- More than 50% of the equity of the company should be held by one or more persons who belong to the SC/ST category.
- The control of the company should vest with SC/ST shareholders.
- The company should be domiciled in India, and its principal base of operation should also be in India.
- The SC/ST entrepreneur(s) who have applied for the fund should be native(s) of Tamil Nadu or of Tamil origin. Preference will be given to those entrepreneurs who have their principal base of operation within Tamil Nadu.
The TN SC/ST Startup Fund will provide financial assistance to eligible startups through equity or debt financing. The government aims to promote entrepreneurship among the SC/ST community and encourage the creation of more innovative and scalable businesses in the state.
This exclusive fund for SC/ST entrepreneurs is expected to have a significant impact on the startup ecosystem in Tamil Nadu. It will encourage more people from the SC/ST community to start their own businesses, promote inclusive growth, and support marginalized communities in the state.
The launch of the TN SC/ST Startup Fund is a welcome move by the Tamil Nadu government. It is an excellent opportunity for SC/ST entrepreneurs to realize their dream of running a successful startup and contribute to the growth and development of the state`s economy. With this fund, the government aims to create a more equitable and inclusive business environment in Tamil Nadu.