CIRCULAR – Applications are invited for availing financial assistance under the Pradhan Mantri Formalization Scheme of Micro Food Processing Enterprises (PMFME) 2023-24.

Applications are invited from the entrepreneurs /SHGs/FPOS/NGOs/Cooperative of Changlang District for availing financial assistance under the Scheme Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) for the current financial year 2023-24. Financial assistance in terms of credit linked capital subsidy @ 35% of the eligible project cost with a maximum ceiling of Rs. 10.00 lakhs per unit would be provided to the Micro Food Processing Enterprises under the Scheme. The assistance would be available to new as well as existing Micro Food Processing Enterprises for expansion /up gradation of their units. The Beneficiary contribution should be minimum of 10% of the Project cost with balance required fund (including Grants in Aid) being loan from Bank.

Hence, interested Persons may apply through online portal of MoFPI at www.pmfme.mofpi.gov.in

Note: The last date for submission of applications on online portal is 31/10/2023.

Eligible Criteria:-

1. The applicant should be above 18 years of age. No Minimum educational qualification of the applicant is required.
2. Only one person from one family would be eligible for obtaining financial assistance. The ‘family’ for this purposed would include Self, Spouse and Children.
3. Organizations such as Individual entrepreneurs/Proprietorship Firms /Farmer Producer Organizations (FPOs)/NGOs/Cooperatives/SHGs/Pvt.Ltd. Companies, who have established or propose to establish micro food processing unit would be eligible for financial assistance under the scheme.
4. Assistance to both existing or new micro food processing enterprises for expansion/up-gradation of existing micro food processing enterprises or setting up of new micro food processing enterprises would be provided under the scheme. But preference would be provided to the enterprises which is involved in processing of ODOP of the district . The One District One Product (ODOP) of the district is Areca nut. List of food processing activities placed at Annexure -I are not eligible for assistance under the scheme.
5. Applicant /enterprise who has availed bank loan in other Subsidy Linked Schemes of Govt. is also eligible for bank loan under the Scheme. PMFME beneficiaries would be eligible to avail an additional benefit of Interest Subvention @ 3% under Agriculture Infrastructure Fund (AIF). Lending Banks may consider sanctioning need based working capital limit to the beneficiaries, as admissible. However, no subsidy would be provided on the working capital.
6. The eligible project cost comprises cost of plant & machinery and technical civil work, but exclude cost of land/rental or lease work shed. However, technical civil work should not be more than 30% of the eligible project cost.
7. The Subsidy amount will be adjusted by the bank after a period of three years on last disbursement tranche of the loan, if the beneficiaries account is still standard and the unit is operational, this grant/subsidy amount would be adjusted in the bank account of the beneficiary. If the account becomes NPA prior to 3 (three) years from the date of disbursement of the loan, the subsidy amount would be adjusted by the bank towards repayment by the beneficiaries.
8. List of documents (Check List) required for submitting loan application are enclosed with this circular.

For further details please contact the office of the Deputy Director of Industries Changlang or Assistant Director of Industries, Miao on any office working day.

NB: The Checklist for submitting Credit proposals and details of this Circular may be viewed / downloaded from the file link given herewith.