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‘KFC Startup Kerala’

Published on August 11, 2021
Current Context: The Government of Kerala’s Non-Banking Financial Service company named ‘Kerala Financial Corporation (KFC)’ launched a funding scheme for the startups.
‘KFC Startup Kerala’
  • The name of the funding scheme launched by KFC is ‘KFC Startup Kerala’.
  • The scheme will support financially the startups in all areas of their development.
  • This fund is the first of its kind in which all the stages of startups are considered.
  • The ‘KFC Startup Kerala’ will provide assistance to the startups in the stages like proof of concept, prototype development, trails of product, market entry, commercialization, branding, and marketing.
  • The scheme will also offer funds to set up workshops, machinery purchase, software license purchase, raw materials purchase, market expenses, etc.
  • The startups which are enrolled with Kerala Startup Mission or with the Department of Industrial Policy and Promotion (DIPP) are eligible to avail the benefit of the ‘KFC Startup Kerala’ scheme.
  • Also, at least 51% of the shares of the startup must be held by Indian promoters.
  • Startups are supposed to use technology in their core products or services.
  • The scheme will offer funding up to Rs 10 crore for startups.
  • The financial assistance of Rs 25 lakh for productization, Rs 50 lakh for commercialization, and Rs 100 lakh for scaling up will be provided under the scheme.
  • The loans will be granted at concessional interest rates of 7% without any collateral. The repayment period will be 60 months including a moratorium period of a maximum of 12 months.

Question: 

Q.1 What is the name of the funding scheme launched by ‘Kerala Financial Corporation (KFC)’ to support startups?
a. ‘Kerala Startup Fund’
b. ‘KFC Startup Kerala’
c. ‘Funds for Startups’
d. ‘KFC Startup Funds’
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