EDC wants to fund three new entrepreneurs per day

Panaji: To fuel job creation and increase self-employment in the state, Economic Development Corporation (EDC Limited) has set itself a target of funding three new entrepreneurs per day, on an average, in the current financial year.

To achieve this challenging target, EDC has proposed to train and create 100 tax consultants in the recently released Goods and Services Tax compliance regime.

The corporation has also proposed to set up an incubation centre for startups that will encourage, mentor and fund local entrepreneurs who use technology to innovate or deliver services to citizens, EDC chairman Sidharth Kuncalienker told reporters after the 357th EDC board meeting.

As per EDC's lending pattern, in 2016-17, on a per day average, two entrepreneurs received funding to start their business ventures.

"EDC has recently trained 600 youngsters to help business in GST compliances. Now we propose to train 100 youth to become tax assistants. They will be given 75% subsidy to purchase a laptop of their choice from wherever they want and we will also provide them a free furnished office for one year," the former Panaji MLA said.

As a state government undertaking, EDC manages the government's Chief Minister's Rojgar Yojana (CMRY) scheme. Till date, Rs 40 crore have been disbursed as loans to around 7,000 beneficiaries.

The EDC board will travel to Hyderabad and Telangana to interact with incubation centres and mentors and see if they are willing to collaborate in the operating and mentoring of Goan startups.

To encourage entrepreneurs and award prompt repayment of loans disbursed by EDC, the board also resolved to offer a 1% rebate on the loans.

The board also decided to make a foray into working capital term loans and has also been in discussion with the state government to explore the possibility of funding projects and investors who get approvals from the Goa Investment Promotion Board.