The NORKA Pravasi Start-up Scheme has supported 4,179 expatriate entrepreneurs in the last five years and the government is extending ₹220.37 crore for start-up projects initiated by Non-Resident Keralites who have returned to the State.
In 2019-20, 1,043 NoRKs who returned realised their entrepreneurial dreams using the Pravasi Startup Scheme and ₹53.40 crore was sanctioned.
A joint venture between NORKA and the Kerala Start-up Mission to create self-employment opportunities for NoRKs who return and wish to embark on a new journey as entrepreneurs, the project aims at rehabilitating expatriates who can contribute to the economic development as per their professional skills.
Kerala Bank, Canara Bank, and the Travancore Pravasi Development Cooperative Society, are few of the 16 banks that provide loans. Loans up to ₹30 lakh with a capital subsidy of 15% (subject to a maximum of ₹3 lakh) are available for start-ups by those expats who have returned to Kerala after working abroad for at least two years and now settled here. The scheme also offers a 3% interest rebate for the first four years for those who repay the interest on time.
NORKA has expanded its field camps to reach out to more people, to make the loan procedures hassle-free and to make the loan processing in a single day. Seven camps were conducted during the 2019-20 financial year and about 500 NoRKs have benefited from this, according to the official sources.
Since coming to power, this government has disbursed ₹45.21 crore as a subsidy to 2,895 entrepreneurs till November 2020. Interested NoRKs can check out norkapsp.startupmission.in for further details. Information is also available from Kerala Start-up Mission on 08047180470, NORKA toll-free numbers 18004253939 and 00918802012345 (Missed Call Service from abroad) and the official norkaroots.org website.