Capital fund for 'low income group' entrepreneurs

Written By Unknown on Senin, 29 April 2013 | 22.23

MUMBAI: Be Fund, a risk capital fund and a non-profit enterprise that provides capital to people from low income groups for solving local problems, has now been launched in Mumbai.

By the end of the year, it will select 25 people from the state to receive its funding. These entrepreneurs are low-income people without collateral or land. They receive seed money to start their businesses from Be Fund.

The fund has only selected and worked with entrepreneurs from Karnataka till now. Recipients of the seed money must be between the ages of 18 and 29, be from a low-income group and not possess any land or capital.

These are generally people who would not get loans from banks. Entrepreneurs will be selected after a three-tier process, with the first batch of state awardees being rolled out in a month.

Those selected can get up to Rs 5 lakh worth of funding from the enterprise. Once they recover their initial investment, entrepreneurs repay the loan, thus supplementing the fund for future entrepreneurs.

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