Empowering its 3,226 members from 63 villages, Subhalaxmi cooperative supported by Vedanta limited Jharsuguda, initiated its fourth start-up project under its fresh special fund model ‘Udyami Fund’ on April 19 at Samaleshwari Nagar in Jharsuguda.
The start-up which is a puffed rice mill is owned by Jiteshwary Chachan, an active member of Subhalaxmi, who sought for financial aid to support her entrepreneurial dream.
She got Rs 53,000 for the project from Udyami Fund , which was granted in the form of machineries for ensuring maximum productivity. The cost of the project is Rs 62,000.
Under ‘Udyami Fund’ the beneficiary has to pay back the actual loan amount with a marginal interest within fixed tenure. For ease of access, the option of pre-payment is also open for the beneficiaries. The project is expected to gain a minimum profit of Rs 500 per day, with an average production of 1.5 quintal daily. The project was kick started at ceremony in which Subhalaxmi board members and Vedanta representatives took part.