Union Agriculture Minister launches NCDC’s new scheme to promote young entrepreneurs in cooperatives

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.

“NCDC has created a dedicated fund with liberal features enabling youth to avail the scheme,” Union Minister of Agriculture and Farmers’ Welfare Shri Radha Mohan Singh said at the launch of the scheme.

The scheme would encourage cooperatives to venture into new and innovative areas.

NCDC has created a dedicated fund with liberal features enabling youth to avail the scheme. 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.

National Cooperative Development Corporation (NCDC) was established by an Act of Parliament in 1963 as a statutory Corporation under the Ministry of Agriculture & Farmers Welfare. It has many regional centers to provide financial assistance to Cooperatives/Societies/Federations.

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