Radha Mohan Singh launchs NCDC’s new youth-friendly scheme ‘Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme’

The National Cooperative Development Corporation (NCDC) is a statutory Corporation set up to promote and provide financial assistance to cooperatives. Its headquarters is located at New Delhi. Recently, NCDC’s new youth-friendly scheme ‘Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme’ has been launched to attract youth to cooperative business ventures. It was launched by Union Minister of Agriculture and Farmers’ Welfare, Radha Mohan Singh. The scheme will be linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC. It would have more incentives for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST or PwD members. The funding for the project will be up to 80% of the project cost for these special categories as against 70% for others. The scheme envisages 2% less than the applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal. All types of cooperatives in operation for at least one year are eligible.