New Entrepreneur cum Enterprise Development Scheme (NEEDS)

NEEDS is promoted by the Directorate of Industries and Commerce, Government of Tamil Nadu. It gives educated youth a route into their first business, with entrepreneurial training, business plan help and a link to banks, TIIC or SIDBI for finance. TIIC is the lender and nodal agency, and the scheme pairs a government subsidy with a loan towards building, plant and machinery.

What you get

• Entrepreneurial training and help preparing a business plan
• A government subsidy alongside a term loan for construction of a building, plant and machinery
• Repayment over 9 years including a 2-year holiday period, at a rate linked to the prime lending rate
• A 3% interest subvention for standard category customers, as listed on the NEEDS page

Who can apply

• Educated youth with a qualification from a recognized institution. The NEEDS page lists a pass in HSC, and both TIIC pages also cite degree, diploma or ITI training
• Micro and small enterprises in manufacturing or service sectors
• Proprietorships and partnerships
• Residents of Tamil Nadu for at least 3 years
• The age band differs between TIIC's pages, so check the current band with TIIC before applying

How selection works: TIIC appraises the project under its existing guidelines. Self-financed projects are not eligible.

How to apply: Use the Apply Now option on the NEEDS page or TIIC's loan enquiry.