Access to capital is one of the crucial aspects of Entrepreneurship Development. To start an enterprise one certainly needs to have an idea that is technically feasible and commercially viable. After ascertaining that idea is both feasible and viable, aspiring entrepreneurs work on and develop their Business Plan and start their quest for capital.
This is when most of them get frustrated. There are many government schemes (both state and central) but the bureaucracy is daunting to these people. Micro Finance Institutions are willing to lend money; but their interest rates and structure are usurious when compared to the rate of return the micro enterprises can hope to achieve. With these options of access to capital, the aspiring entrepreneurs hit a brick wall and slowly lose their confidence and desire to start a micro enterprise.
Need, therefore, exists for a hassle free and low cost alternative of providing access to capital to the aspiring entrepreneurs who have a viable business plan and an implementation strategy.
I Create India has created a revolving seed capital assistance fund – known as MAGIC (Mentor and Angel Group of I Create) – to assist budding entrepreneurs at grassroots level with returnable financial assistance. This has been possible through the generous contributions of many real Angels. We hope to attract more of them and keep the fund growing.
MAGIC (Mentor and Angel Group of I Create) Fund is a donation based seed capital assistance fund. This fund has been created by I Create India through the generous contributions of many individuals and organizations. The focus is on providing hassle free and low cost access to capital to the aspiring entrepreneurs who have been trained by I Create and who have a viable business plan and an implementation strategy.
As the corpus of the MAGIC fund is created through donations, we are able to provide assistance without charging any interest. The recipients of the assistance are required to pay back the amount received as assistance as per agreed repayment plan together with a small service fee to take care of collection efforts and other related expenses.
Donations are utilized for providing seed capital assistance and not for meeting overhead expenses.
Corpus of the MAGIC Fund is operated by I Create India. It follows a very transparent process for disbursement and collection of assistance. Briefly:
We gratefully acknowledge the generous contributions of the following individuals and organizations. Because of their contributions we have been able to create a corpus of INR.1 Crore as of March 2018.
We have has assisted 254 beneficiaries by providing INR 77.62 Lakhs as Seed Capital Assistance as on 30th September 2019.
You can click on the dropdown box to know about the NGO Partners and the success stories of the beneficiaries