Daijiworld Media Network - Panaji

Panaji, Aug 28: The state government has notified a new exit scheme aimed at providing relief to entrepreneurs who availed loans under the Chief Minister’s Rojgar Yojana (CMRY) over the past two years, but whose business ventures subsequently failed.

Under the initiative, eligible borrowers can fully settle and close their loan accounts by paying only the outstanding principal amount within a period of two months, with the entire interest amount waived.

Chief Minister Pramod Sawant stated that the move would serve as a major relief for struggling local entrepreneurs. The scheme will be executed and monitored by the Economic Development Corporation (EDC) Ltd.

According to the official notification, all CMRY loan accounts where the first disbursement was completed up to two years prior to the date of submitting the exit application will be eligible for benefits under this scheme.

To apply under the exit facility, borrowers must submit a formal written application to the EDC detailing the specific reasons for their inability to continue business operations, accompanied by supporting documentation. Additionally, applicants are required to propose a clear repayment plan demonstrating how they intend to clear the remaining principal within the stipulated two-month window.

The decision comes following the 409th board meeting of EDC Ltd, chaired by CM Sawant, where the board approved key policy measures, financial decisions, and term loan sanctions. During the meeting, the board formally approved the consolidated financials for FY 2025–26, recording total revenues of around Rs 128 crore and net profits of approximately Rs 69 crore.

The Chief Minister also reviewed the recently amended Mukhyamantri Modified Interest Rebate Scheme, which introduces an additional 5% rebate for solar power projects and raises the interest rebate up to Rs 15 lakh for loans extended under the Working Capital Term Loan Scheme.