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Establishment of Credit Guarantee Scheme for Startups (CGSS)

By | Updates | No Comments

Department for Promotion of Industry and Internal Trade (DPIIT) notifies establishment of Credit Guarantee Scheme for Startups (CGSS)

Scheme to act as a key enabler and risk mitigation measure for lending institutions, enabling collateral free funding to startup

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has notified the establishment of the Credit Guarantee Scheme for Startups (CGSS) for providing credit guarantees to loans extended by Scheduled Commercial Banks, Non-Banking Financial Companies and Securities and Exchange Board of India (SEBI) registered Alternative Investment Funds (AIFs).

CGSS is aimed at providing credit guarantee up to a specified limit against loans extended by Member Institutions (MIs) to finance eligible borrowers viz. Startups as defined in the Gazette Notification issued by DPIIT and amended from time to time. The credit guarantee cover under the Scheme would be transaction based and umbrella based. The exposure to individual cases would be capped at Rs. 10 crore per case or the actual outstanding credit amount, whichever is less.

In respect of transaction-based guarantee cover, the guarantee cover is obtained by the MIs on single eligible borrower basis. Transaction based guarantees will promote lending by Banks/ NBFCs to eligible startups. The extent of transaction-based cover will be 80% of the amount in default if the original loan sanction amount is up to Rs. 3 crore, 75% of the amount in default if the original loan sanction amount is above Rs. 3 crore, and up to Rs. 5 crore, and 65% of the amount in default if the original loan sanction amount is above Rs. 5 crore (up to Rs. 10 crore per borrower).

The umbrella-based guarantee cover will provide guarantee to Venture Debt Funds (VDF) registered under AIF regulations of SEBI (a growing segment of funding in Indian startup ecosystem), in view of the nature of funds raised by them and debt funding provided by them.The extent of umbrella-based cover will be the actual losses or up to a maximum of 5% of Pooled Investment on which cover is being taken from the fund in eligible startups, whichever is lower, subject to a maximum of Rs.10 crore per borrower.

Along with institutional mechanisms for operationalizing the Scheme, DPIIT will be constituting a Management Committee (MC) and a Risk Evaluation Committee (REC) for reviewing, supervising and operational oversight of the Scheme. The National Credit Guarantee Trustee Company Limited (NCGTC) will be operating the Scheme.

 Prime Minister, Shri Narendra Modi  launched Startup India Action Plan on 16th January 2016 to lay the foundation of Government support, schemes and incentives envisaged to create a vibrant startup ecosystem in the country. The Action Plan envisaged a Credit Guarantee Scheme to catalyze entrepreneurship through credit to innovators and encourage banks and other member institutions in the ecosystem for providing venture debt to startups.

A dedicated credit guarantee for DPIIT recognized startups will address the issue of unavailability of collateral free loan and enable flow of financial assistance to innovative startups through their journey to becoming full-fledged business entities. The Scheme further reiterates Government’s focus towards promoting innovation and fostering entrepreneurship for making Indian startup ecosystem the best in the world.

With the objective of mobilizing domestic capital for Indian startups, CGSS will complement the existing Schemes under Startup India initiative viz. Fund of Funds for Startups and Startup India Seed Fund Scheme.

The framework of CGSS has been prepared in extensive consultations with the stakeholders over the years with line ministries, banks, NBFCs, venture debt funds, academia and experts from startup ecosystem. The Scheme will act as a key enabler and risk mitigation measure for the lending institutions enabling collateral free funding to startups.

Source: PIB

Ready Engineer – MAGIC Startups

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Ready Engineer – MAGIC Startups

Marathwada Accelerator for Growth and Incubation Council (MAGIC) in collaboration with Tata Technologies Ltd. under its Ready Engineer Program are launching Ready Engineer – MAGIC Startups (REMS). “Ready Engineer – MAGIC Startups (REMS)” is an incubation program to support startups, budding entrepreneurs, and student innovators from tier 2 and tier 3 towns to build their idea into commercial and viable products/services.

Ready Engineer – MAGIC Startups (REMS) is a 7-months program that will include the following benefits for selected top startups:

– Seed Funding of up to 1.05 Lacs

– Structured Coaching & Training

– 1:1 Dedicated Mentoring

– An Individual booth at the TMIH virtual exhibition

– State-of-the-art co-working space at MAGIC Aurangabad

– Networking & Marketing support, and many more.

The program mentioned above & benefits are extended to the student ideas/startups from tier 2 & tier 3 towns of Maharashtra.

If you think your idea can hit the market, then this opportunity is for you.

Hurry up..! Register Now…!

bit.ly/REMStartups

The last date for registration is 5th August 2022.

We will reach out to the selected startups for further course of action.

MAGIC STARTUP ECOSYSTEM MEETING

By | Magic in News, Meeting | No Comments

We are pleased to inform you that Aurangabad city is listed in the Top 1000 (885th) destination of the global startup ecosystem and is one of the nine new entrants to the startup blink list. Source StartupBlink

Given this achievement, team MAGIC Business Incubator SME Accelerator hosted & addressed this “Regional Ecosystem” meeting with vital stakeholders (Industry, Institutions, others) who are actually driving this together and working towards contributing & building a sustainable ecosystem.

We thank our Chief Guest Mr. Jaju Shivprasad (Elect President: Chamber of Marathwada Industries and Agriculture) who shared his golden nuggets on this occasion.

We highly appreciate the selfless support, provided by our Board-of-Directors, who are striving hard & committed in bringing their collective wisdom, in making a meaningful difference.

Industry Leaders & Experts: Ashish Garde prasad kokil Rohit Dashrathi Ritesh Mishra Suresh Todkar Prashant Deshpande Milind(Hemant) Kank Sunil Raithatha Kedar Deshpande Mukund Bhogale

We thank each stakeholder present in this event and missed our existing ecosystem partners who wanted to join but could not make it.

Automobile #Engineeringsolutions, Homeappliances, Plastics, IndustrialMachinery, InformationTech, Agriculture, agritech Electronics,
roboticsengineering, healthtechs, ruralinnovation,  innovationmanagement mobilitymanagement and notforprofit.

Core Incubatee Support Team:
Rohit Autee – Chief Executive Officer Rajendra Patel Head Growth &
Special Projects kshitij choudhari Sr. Manager Incubation Manager Yogesh Tawde Manager Incubation

 

Graduated Startup’s Cover Story

By | Magic in News | No Comments

Ameya Deshpande Ground up Technologies Private Limited, our graduated start-up is committed to delivering results.

With reputed clients like AITG, Rucha Yantra, IIT Bombay, ARCI Hyderabad, they are giving full-scale customized additive manufacturing solutions to sectors like
Automation Industrial Automation Engineering Institutions Agriculture Research Institutes.

 

(MAGIC) Aurangabad is Govt. recognized Incubator in Tier-2 city

By | Magic in News | No Comments

Dear Startup,

Marathwada Accelerator for Growth & Incubation Council (MAGIC) Aurangabad is Govt. recognized Incubator in Tier-2 city, & is playing a significant role in building the Startup ecosystem in rural India & expanding the scope of its activities & projects in collaboration/ partnership with Govt. & leading Corporates.
We are now eligible for CSR funding support from Corporates and ready to actively participate & execute CSRprojects.

MAGIC highly appreciates Umasons Auto Components Pvt. Ltd & Ram Bhogale, for the proactive support & CSR partnership. CSRfunding support is important for nurturing Startups & promoting Innovation in rural India.

 

MAGIC hosted the Webinar on Intellectual Property Rights and MSME Udyam Registration on 3rd February, 2021

By | Webinar

MAGIC hosted the Webinar on  Intellectual Property Rights and MSME Udyam Registration on 3rd February, 2021
Excellent response received for the webinar on Intellectual Property Rights and MSME Udyam Registration hosted by MSME -D I Mumbai and CMIA’s MAGIC.
Mr. Vivek Singh, IP Attorney explained the various aspects of Intellectual Property Rights (IPR), Process, Claims, Copyrights and Trademarks during the Webinar hosted by MSME-DI Mumbai and CMIA’s MAGIC. Various queries related to IPR were addressed during the webinar. MSMEs, Startups & Women Entrepreneurs actively participated in the webinar and availed the opportunity.

MAGIC’s Atmanirbhar Bharat Innovation Challenge 2021

By | Webinar
MAGIC’s Atmanirbhar Bharat Innovation Challenge 2021 was inaugurated by Hon. Nitin Gadkari Ji, Minister for MSME, Govt. of India.  

MAGIC’s Atmanirbhar Bharat Innovation Challenge 2021 was inaugurated by Hon. Nitin Gadkari Ji, Minister for MSME, Govt. of India.
During the Inaugural address, Hon. Nitin Gadkari Ji appreciated and congratulated CMIA’s MAGIC Team for promoting entrepreneurship in tier 2 cities and acknowledged the contribution of MAGIC. Hon. Nitin Gadkariji, requested startups and MSMEs to focus on high growth sectors like renewable energy, electric vehicles, recycling of automotive scrap, tourism and agriculture to build future products. 250 Startups from 17 States, MSMEs & Government officials participated & availed the benefit.

 

CMIA’s MAGIC hosted webinar on Schemes offered by the Ministry of MSME

By | Webinar

Excellent response received for the webinar on Schemes offered by the Ministry of MSME hosted by CMIA’s MAGIC as part of #BuildbackBetter initiative of UNDP. MSMEs, Startups & Women Entrepreneurs from Marathwada Region participated in the webinar and availed the opportunity.

Subhash Ingewar, Assistant Director, DI-MSME Aurangabad explained the various schemes of the Ministry of MSME during the webinar hosted by CMIA and UNDP as part of #Covid-19 MSME Helpdesk initiative.

Various queries of entrepreneurs were answered during the webinar.

CMIA’s MAGIC hosted webinar on MSME Udyam Registration Process

By | Webinar
CMIA’s MAGIC hosted webinar on  MSME Udyam Registration Process on 27th August, 2020
Excellent response received for the Webinar on MSME Udyam Registration Process hosted by CMIA’s MAGIC as part of #BuildBackBetter initiative by UNDP. 80+ MSMEs, Startups & Women Entrepreneurs from Marathwada Region actively participated in the webinar and availed the opportunity.  Abhay Daptardar, Asst. Director, DI-MSME Mumbai explained the new Udyam Registration Process.
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