ifciventure.com Assistance under Venture Capital Fund for Scheduled Castes 2015 : IFCI

Organisation : IFCI Venture Capital Funds Limited
Announcement : Assistance under Venture Capital Fund for Scheduled Castes 2015
Home Page : https://www.ifciventure.com/

Applications for Assistance under Venture Capital fund for Scheduled Castes

Objective of the Scheme:
“Entrepreneurship” relates to entrepreneurs managing businesses which are oriented towards innovation and growth technologies. The spirit of the above mentioned fund is to support those entrepreneurs who will create wealth and value for society and at the same time promoting profitable business.

The objectives of the Scheme are as below:
** It is a Social Sector Initiative to be implemented nationally in order to promote entrepreneurship among the scheduled caste population in India.
** Promote entrepreneurship amongst the Scheduled Castes who are oriented towards innovation and growth technologies.

** To provide concessional finance to the scheduled caste entrepreneurs, who will create wealth and value for society and at the same time will promote profitable businesses. The assets so created will also create forward/ backward linkage. It will further create chain effect in the locality.

** To increase financial inclusion for SC entrepreneurs and to motivate them for further growth of SC communities.
** To develop SC entrepreneurs economically.
** To enhance direct and indirect employment generation for SC population in India

Eligibility Criteria:
** The projects/units being set up in manufacturing and services sector ensuring asset creation out of the funds deployed in the unit shall be considered;
** While selecting the SC entrepreneurs, women SC entrepreneurs would be preferred;
** Companies having at least 60% stake holding by Scheduled Caste entrepreneurs for the past 12 months with management control;
** Documentary proofs of being SC will have to be submitted by the entrepreneurs at the time of submitting the proposals;

** The SC promoters of Investee Company will not dilute their stake below 60% in the company till the exit under the scheme. However, in the event of any conversion of quasi-equity instrument under the scheme, strategic investments, buyouts etc, which result into dilution of stake of SC Entrepreneur, a prior written approval from Asset Management Company (AMC) would be required;

** The companies applying for assistance of more than Rs. 5 Crore, shall preferably get their project appraised by the banks / FIs before approaching for assistance under the scheme.
** For companies with sanctioned assistance of above Rs. 5 Crore, the money released by the Trust/ Fund Manager would be in proportion to the loan tranche released by the bank.

Following list of documents are required to be submitted along with Reference Application No. to IFCI Venture at following address:
IFCI Venture Capital Funds Limited
(Investment Manager – Venture Capital fund for Scheduled Castes)
IFCI Tower, 16th floor, 61 Nehru Place, New Delhi- 110019.

Documents to be submitted along with this application form:
** MOA & AOA of the company;
** Scheduled Caste Certificate of the Promoters;
** KYC documents such as 3 years’ IT returns of the company (incl. promoters PAN card, Address proof, two Passport Photographs etc.);
** Certified Shareholding Pattern of the Company;
** Chartered Accountant certified Net worth statement of promoters;
** Latest Sanction letter of current banker, if any;
** Due diligence report of the banker, if any;
** Last 3 years’ Annual Report of the company;
** Quarterly results post last available annual report;
** Other, if any, as required at the time of proposal submission;

Note:
– For Start-up companies/ ventures, the promoters should fill up point no. 1, 2, 3 and 4 in the application form.
– Further, the project information memorandum and documentary proofs of the promoter (s) being SC along with their 3 years’ IT returns, PAN card and address proofs shall be submitted.

You may send completed application form at email id: funds@ifciventure.com