In Uttar Pradesh, Chief Minister Yogi Adityanath has launched an initiative to support young entrepreneurs called “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA).” This program offers interest-free loans to help young people kickstart their business ventures with projects valued up to Rs 5 lakh.
Key points of the “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” scheme are as follows:
- Interest-Free Loans: The scheme offers interest-free loans to young entrepreneurs for projects valued up to Rs 5 lakh.
- Annual Target: The government aims to prepare one lakh young entrepreneurs every year through this initiative.
- Financial Allocation: A substantial budget of Rs 1,000 crore has been allocated for the fiscal year 2024-25 to support the implementation of the scheme.
- Empowerment of Educated and Skilled Youth: MYUVA targets educated and skilled youth across the state, providing them with opportunities for self-employment.
- Eligibility Criteria: Beneficiaries include individuals who have undergone training in various government-supported schemes and those with educational qualifications.
- Repayment and Expansion: Successful repayment of the initial loan qualifies participants for second-stage financing, enabling them to expand their businesses further.
- Digital Transactions and Grants: The scheme promotes digital transactions in business operations and provides grants to encourage the adoption of digital payment methods.
- Online Application Process: Applying for assistance is simplified through an online platform, ensuring accessibility for aspiring entrepreneurs.
- Collaboration with Financial Institutions: Financial support is provided in collaboration with banks and other financial institutions, facilitating widespread access to funding opportunities.
Empowering Young Entrepreneurs in Uttar Pradesh
MYUVA is dedicated to encouraging young people in Uttar Pradesh to become entrepreneurs by offering them the essential support and resources to establish and expand their businesses. Supported by substantial funding and meticulous planning, MYUVA aims to provide the necessary assistance to young entrepreneurs and enhance the state’s economy.