SCHEME
"The Government of Kerala has introduced the Seed Support Scheme to provide financial assistance to startups and help them grow into innovative, technology-driven businesses. The scheme aims to promote new ventures, create jobs, and attract private investment, thereby contributing to the economic development of the State.
Scheme
Overview
The Government of Kerala has introduced the Seed Support Scheme to provide financial assistance to startups and help them grow into innovative, technology-driven businesses. The scheme aims to promote new ventures, create jobs, and attract private investment, thereby contributing to the economic development of the State.
The scheme is implemented through Kerala Startup Mission (KSUM), the nodal agency of the Government of Kerala for startup related initiatives. Under this scheme, early stage startups can receive seed funding (loan) against purchase orders to support product development, customer development, marketing, and scaling up.
To be eligible, the startup must be registered in Kerala as an LLP or Private Limited Company and must have an active KSUM Unique ID.
ELIGIBILITY
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PROCESS
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FAQ
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Startups must be registered in Kerala as an LLP or Private Limited Company, be working on an innovative product or technology, and generally be at the prototype/MVP stage.
The upper limit of seed support under this scheme is Rs. 15 lakhs. Each application is reviewed by KSUM and then placed before the Seed Support Expert Committee, which decides the amount based on milestones, monitoring norms, and repayment provisions.
The seed fund can be used for product development, testing and trials, test marketing, mentoring, professional consultancy, IPR issues, and manpower for day-to-day operations. However, it cannot be used for founders’ salaries, purchasing costly assets, or patenting expenses.
The seed fund is provided as a soft loan at 6% simple interest per annum. Startups can avail a 12-month moratorium, after which the amount (with interest) is repaid in 36 monthly installments. Prepayment is allowed without any penalty.
The seed loan is disbursed in tranches. Usually, half the sanctioned amount is released first after submitting required documents. The remaining amount is released after submission of an interim progress report and utilisation certificate, and a review by an expert committee.
CONTACT
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Shahil, Haneef
08047180470
shahil@startupmission.in