Goa Government Welcomes Entrepreneurs with Affordable Loans at 0.50% Interest
Panaji, Goa, 01st March 2025: Goa, traditionally celebrated for its vibrant tourism and beaches, is now embarking on a transformation that extends far beyond its coastal boundaries. Under the leadership of the Chief Minister of Goa, Dr. Pramod Sawant, the state is actively contributing to the vision of “Atmanirbhar Bharat,” aligned with the objectives set by our Honourable Prime Minister, Shri Narendra Modi. The state has made remarkable strides, emerging as a frontrunner across various sectors, with a special focus on fostering entrepreneurship.
With growing support from the Government of Goa and increased access to resources, the state is adapting and creating a favourable ecosystem for entrepreneurs to grow and succeed. The most remarkable aspect of this support is to provide a highly subsidised loan under Chief Minister Rojgar Yojana, through its autonomous body, Economic Development Corporation (EDC). This scheme offers exceptionally low interest rates of just 2% to support small entrepreneurs. Entrepreneurs can secure loans up to 90% to 95% of the project cost for ventures up to ₹25 lakh. For example, a ₹25 lakh project can receive a loan of ₹22.5 lakh or ₹23.75 lakh, significantly reducing the initial financial burden and enabling faster business growth.
Additionally, Goa’s GTEGP (Goa Tribal Employment Generation Program) supports tribal and ST entrepreneurs, offering them a capital subsidy of 40% of project cost of up to Rs.25 Lakhs, in addition to the loan at a low interest rate of 2% p.a.
The seasoned entrepreneurs can secure a loan of up to Rs.15 Crores for their bigger projects. These loans can be availed at an interest rate ranging from 9.50% to 13.50% and the Goa Government provides an interest rebate of up to 9% p.a. every year on these loans – thereby bringing down the effective interest rate to as low as 0.50%, subject to certain conditions.
The Government of Goa is taking a holistic approach to supporting entrepreneurs, providing not only accessible financing but also skill development programs. Since its launch on March 12, 2024, the EDII Goa Centre has been instrumental in building a robust entrepreneurial ecosystem in the state. EDII and the Government of Goa, through its autonomous body, the Economic Development Corporation (EDC), has launched initiatives whereby EDII provides regular training sessions every month under the Entrepreneurship Development Program (EDP) and Management Entrepreneurship Development Program (MEDC). These two programs combine foundational and advanced entrepreneurial training, covering key aspects such as business management, marketing, finance, and access to government funding.
Additionally, the government has placed a strong emphasis on fostering tactical skills from an early stage. Through the Entrepreneurship Awareness Program, (EAP) students are encouraged to develop ideas and cultivate an entrepreneurial mindset at the very beginning of their academic journey.
The EDII Goa Centre has conducted three batches of the EDP program to date, with over 150 participants. Additionally, more than 500 students have attended EAP programs held across various colleges. All these programs are fully funded by the Government of Goa through EDC CSR initiatives.
The Government of Goa, under the leadership of Dr. Pramod Sawant, is empowering entrepreneurs through these initiatives, providing the support they need to transform their ideas into reality and build a brighter future. With its visionary leadership and progressive policies, Goa is rapidly emerging as a front-runner in India’s dynamic business landscape.