Startups in the country can apply to Magic for seed funds
Aurangabad, Sep 21:
The Marathwada Accelerator for Growth and Incubation Council (MAGIC), a CMIA member-led incubator working to develop the startups ecosystem, has been inducted into the Startup India Seed Fund Scheme (SISFS) of the union Ministry of Commerce and Industry. An official announcement was made by the Department for Promotion of Industry and Internal Trade recently.
Startup India has informed that registered entrepreneurs across the country will be helped through seed capital under this scheme on behalf of Magic institute. Magic is the first organization in Marathwada to be included in the SISFS scheme, and has been included in the selected incubators in the country. Magic Incubator Seed Fund Committee (MISFC) consisting of key mentors, renowned entrepreneurs and investors, has been formed by Magic to assess the required seed capital and select startups.
Benefit to startups
SISFS has been established with the objective of providing financial support to startups for proof of concept, prototype development, product trials, market entry and transformation into sustainable businesses. This scheme will directly benefit new startups to grow their business, startups can get funding from investors, VCs, venture capitalists, commercial banks or financial institutions in the next phase.
Can get grants up to Rs 20 lakhs
Giving more information, Magic director, Mukund Bhogle said, startups require huge capital at the initial stage, not everyone has the money to start a startup. Considering this, the Central government has started a seed fund scheme for new entrepreneurs, and this fund is given to startups through some selected incubators in the country. With the inclusion of Magic in the scheme, startups in the country including Marathwada will be able to apply for this scheme through Magic. Eligible startups can get grants up to Rs 20 lakh or mortgage-free loans up to Rs 50 lakh through incubators.