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Majority Gulf returnees to Kerala looking to set up restaurants, snack shops, sport hubs, gyms and farms

Majority Gulf returnees to Kerala looking to set up restaurants, snack shops, sport hubs, gyms and farms

KOCHI October 26: Many of those who returned from Gulf following the Covid fallout are now looking to set up their own business in Kerala, according to reports from Non-Resident Keralites Affairs (Norka). According to reports, in the last six months, 4,897 migrants from the Gulf have registered with the Non-Resident Keralites Affairs (Norka) Department Project for Returned Emigrants (NDPREM) scheme. The scheme facilitates emigrants to start their own business. Click Here To Find Out If You Will Qualify For This Scheme In the past, most people showed interest in getting into service-focussed business activities like running a cab, but the new bunch of proposals seek to set up small businesses like restaurants, snack shops, workshops, oil mills, masala powder units, sport hubs, gyms and farms, said the report. According to Norka's resident vice chairman K Varadarajan, the scheme right now provided for loans of up to Rs 30 lakh, and the government would increase it to Rs 50 lakh. Eighteen financial institutions in Kerala are cooperating with the government in implementing the scheme, said the report. The organisation is also helping expatriates set up start-ups in the IT sector. The government is also taking steps to provide employment to the Pravasi migrants, who have come back after losing their jobs, through the Dream Kerala project. So far 3,000 job seekers have registered for the scheme while 70 employers have also registered. The Norka will complete the process by November 15. In addition, Norka has started discussions with the Civil Supplies Corporation (Supplyco) to enable expatriates to set up supermarkets. Key features of the scheme below Norka Roots have tied up with the State Bank of India, South Indian Bank, Union Bank,Federal Bank, Syndicate Bank, Bank of Baroda, Kerala State Backward Classes Development Corporation, Kerala State Cooperative Agricultural & Rural Development Bank and Kerala State Pravasi Welfare Development Co-operative Society Limited (Pravasis Ltd.) Seed capital funding of upto 30 lakhs is available under the scheme. Banks will sanction loans for modest enterprises as per the business interest and the terms and conditions of the bank For prompt repayment, 15% subsidy on capital and 3% rebate on interest of loan are offered for the first 4 years. In case of default, the benefit can be availed after clearing off the pendency. NORKA ROOTS also conduct mentoring camps to boost the confidence of the NRKs Who can apply for NDPREM? The applicant should have not less than 2 years of work experience abroad. Societies, trusts, companies formed by a group of returnees are also eligible to apply 15% subsidy on capital and 3% rebate on interest of loan are offered. Loans available for MSMEs, agricultural, industries, merchant establishments, services etc. Documents needed to apply Project report in PDF format Copies of Passport & Visa page IN PDF Photograph in Jpg/ png format Click Here To Find Out If You Will Qualify For This Scheme

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