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S&A knowledge series - Financial assistance to startup

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S&A knowledge series - Financial assistance to startup

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We are delighted to share with you a few of the new schemes which have been pronounced by financial institutions in the wake of COVID-19. While few are applicable to eligible startups the others can be availed by general MSMEs subject to conditions.

SIDBI COVID-19 Startup Assistance Scheme
ISBA Centre for Augmenting WAR with COVID-19 Health Crisis

We are delighted to share with you a few of the new schemes which have been pronounced by financial institutions in the wake of COVID-19. While few are applicable to eligible startups the others can be availed by general MSMEs subject to conditions.

SIDBI COVID-19 Startup Assistance Scheme
ISBA Centre for Augmenting WAR with COVID-19 Health Crisis

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S&A knowledge series - Financial assistance to startup

  1. 1. P a g e | 1 Financial Assistance to Startup in the War against COVID-19 <<<<< S&A Knowledge Series Prepared by Sarim Saleheen Lari Manager Reviewed by CA Jatin Srivastava Partner (Advisory and Growth) www.sethspro.com info@sethspro.com New Delhi | Lucknow | Coimbatore `
  2. 2. P a g e | 2 1 2 4 3 CSA S To provide interim support to startups whose cash flow and liquidity has been adversely impacted by the COVID-19 pandemic Purpose 1. Government defined startups which have got atleast one round of funding through VC funds. 2. Should have demonstrated innovative measures for ensuring business continuity during the COVID-19 period . Eligibility Criteria 1. Loan Amount upto 2cr. Per startup 2. Term loan upto 36 month including 12 months of moratorium period 3. No promoters’ contribution . Key Features The assistance can be used for various working capital requirements like salaries/wages, rent, administrative expenses, payment to vendors etc. . Purpose The country is facing an unprecedented challenge with communities and economies everywhere affected by the growing COVID-19 pandemic. The country is coming together to combat the COVID-19 pandemic bringing governments, organizations from across industries and sectors and individuals together to help respond to this global outbreak. To Facilitate Emergency response against coronavirus, Small Industries Development Bank of India (SIDBI), and Indian STEP & Business Incubator Association (ISBA) has come with couple of schemes for assistance and support to Startups to provide stability in crisis situation. 1. SIDBI COVID-19 Startup Assistance Scheme (CSAS scheme)
  3. 3. P a g e | 3 2. ISBA Centre for Augmenting WAR with COVID-19 Health Crisis (CAWACH) scheme CAW ACH Application submitted by 15 APR 2020 will be taken up for support on priority in first batch Purpose To supports innovations in the areas of diagnostics, devices, informatics including bio- informatics & information management systems Eligibility Criteria 1. A startup as per defined under Startup India. 2. Should have qualified team in place 3. Preferably at revenue stage or has raised fund earlier 4. Preferably to have already deployed or ready to deploy product within a few of weeks Supported Product 1. High thrust products and solutions that address COVID-19 challenges 2. Any solution that addresses the impact of COVID-19 3. Product / solution that can be quickly deployed Key Features INR 50 lakhs to INR 200 lakhs per startup in the form of Soft loan returned by by the startup in 3-5 years. Validity Seth & Associates was established in 1975 and since then it has been providing unparalleled value addition to its client. We are a firm with diverse and rich exposure in various fields. All our partners are full time active working partners looking into specific sector domains such as Corporate Law, Direct Tax, Indirect Taxes, Raising Capital (Bank and Equity), Business Advisory solutions, Forensic and Information Technology audit and many other core sectors relevant to overall growth of the clients. The information herein contained is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is very accurate and considers the latest amendment in laws which are very frequent. The above is purely for academic reading and general awareness of the law. No one should act on this information with appropriate professional guidance which requires a thorough examination of a particular situation. This content is owned by Seth & Associates, Chartered Accountants and is not be reproduced without our explicit permission. www.sethspro.com | info@sethspro.com New Delhi | Lucknow | Coimbatore

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