Chief Minister of Assam Tarun Gagoi on 19 September 2014 launched an Angel Fund. The fund has been launched to help the first generation entrepreneurs and skilled youths to set up micro and small enterprises in Assam.
The fund was launched at a conference of general managers of District Industries and Commerce Centres (DICCs).
Provisions of Angel Fund
• Under the Fund plan, the first generation entrepreneurs can get a maximum loan of 5 lakh rupees at 5 percent interest per annum
• The loan will have a moratorium period of maximum 10 months, during which no interest rates will be charged
Chief Minister also said that the maximum loan amount under the scheme would be increased from the existing 5 lakh rupees in future for allowing expansion of the businesses of the young entrepreneurs.
Earlier, for the purpose of operation of the Angel fund scheme a memorandum of understanding (MoU) was signed between the State Government and Assam Gramin Vikash Bank. The MoU was signed by the Commissioner and Secretary, Industries and Commerce, Rajesh Prasad on behalf of the State Government and Chairman, Assam Gramin Vikash Bank, Shio Shankar Singh in the presence of Chief Minister Tarun Gogoi and State Minister for Industries and Commerce Pradyut Bordoloi.
The newly launched Angel Fund in Assam was announced by Chief Minister Tarun Gagoi in his 2013 budget speech. Earlier, the state government earmarked a sum of 12 crore rupees for the Angel Fund.
About Angel Investors
Angel investors are people, group or financial group that provides financial backing to entrepreneurs or small startups. These funds in form of financial backing could be obtained from these investors at the time of start-up of the company or for the ongoing projects during the difficult times.
Who: Angel Fund
Where: in Assam
When: on 19 September 2014