The Bihar government has launched a new startup policy and business loan scheme to promote entrepreneurship in the state. Learn about eligibility criteria, benefits, and FAQs for aspiring entrepreneurs and small business owners.
Scheme Loan
Bihar Startup Business Loan
Who Can Apply?
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An excellent business concept and a desire to launch a company
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The applicant will get a zero-interest loan if their proposal is deemed viable.
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This financing can help to launch and expand enterprises.
Loan For Business In Bihar Eligibility Criteria
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Applicant must be a Bihar resident
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Any startup based in Bihar is acceptable, regardless of its location of origin.
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Must have a viable business plan, and the business must be in the early stages of the expansion process.
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The applicant must not have defaulted on any loans from any financial institution.
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If the startup has to pay extra taxes specific to Bihar for its operations, it will be responsible for them.
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Existing companies can’t become startups if they reorganise or divide.
Read more for better understanding on Business Loans for Startup in Indian
The definition of a startup is a business that creates new products, processes, or services, or has a scalable business model.
Bihar Startup Policy 2023 Benefits
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Single-window clearance
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Incubation centres
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Skill development initiatives
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Marketing support, and financial aid schemes.
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The Bihar government has launched the Bihar Startup Policy 2023
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This scheme promotes entrepreneurship and support startups and small businesses in the state. The scheme provides financial assistance to eligible startups and small businesses.
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These initiatives can help entrepreneurs start and grow their businesses in Bihar.
How Can Vakilsearch Help You With Bihar Business Loan Apply Online 2023?
Vakilsearch is a legal tech platform established in 2011 that offers legal, tax, and compliance solutions to cater to the regulatory requirements of businesses. We offer over 350 services to individuals and companies, especially MSMEs, Startups, and SMBs. Our services include business setup, advisory, government registrations, accounting, and intellectual property protection. Our goal is to provide accessible and affordable legal and compliance services to all.
FAQ
How much loan can I get under the Bihar Startup Business Loan scheme?
You can get a loan up to ₹ 10 lakhs under the Bihar Startup Business Loan scheme.
What are the eligibility criteria for the Bihar Startup Business Loan?
To qualify for this program, the applicant’s business must have a feasible expansion plan in its early stages. Additionally, the applicant should have no previous history of loan defaults.
Can I use the loan amount for any purpose?
The loan can be used for various purposes such as working capital, machinery and equipment purchase, factory or office construction, and other business-related expenses.
