Samarth Bhanap Yojana
Spark your Next Amchi Venture
An initiative from Shri Chitrapur Math with blessings of Parama Poojya Sadyojat Shankarashram Swamiji.
Click here to access the launch presentation of the Samarth Bhanap Yojana
Samarth Bhanap Yojana
Spark your Next Amchi Venture
An initiative from Shri Chitrapur Math with blessings of Parama Poojya Sadyojat Shankarashram Swamiji.
Click here to access the launch presentation of the Samarth Bhanap Yojana
Our Goal
Promoting entrepreneurship amongst Bhanaps by ensuring that lack of capital is not an impediment for achieving their dreams
Supporting Bhanap Entrepreneurs
Samarth Bhanap Yojana (SBY) is a new initiative launched by Chitrapur Math, inspired by PP Sadyojat Shankarashram Swamiji, to empower Bhanap community members to achieve their entrepreneurial dreams.
In today’s knowledge-driven economy, where entrepreneurship is key to both individual & national success, access to seed capital can be a major hurdle. The SBY aims to bridge this gap by providing financial support to deserving young Bhanap individuals with entrepreneurial aspirations.
Our Mission
Nurturing Promising Startups
The SBY will identify and support promising startups established by Bhanap entrepreneurs.
Empowering Businesses in their growth
We will also assist Bhanap-owned businesses in their growth journey.
Creating Employment Opportunities
By supporting Bhanap entrepreneurs, the SBY aims to foster job creation within the Bhanap community.
Our Approach
The Samarth Bhanap Yojana is committed to fostering a thriving entrepreneurial ecosystem within the Bhanap community, paving the way for a brighter future.
Funding
Providing financial resources to eligible Bhanap startups and businesses.
Mentorship
Offering guidance and support from experienced professionals.
Facilitation
Connecting entrepreneurs with the resources and networks they need to succeed.
What will SBY Offer?
Funding
Samarth Bhanap Yojana offers up to Rs. 20 lakh for Bhanap-led businesses, prioritizing innovative, growth-oriented, & profitable ideas. For amounts above 20 Lakh Rs SBY will guide the selected applicants in applying for partner Banks' funding under MSME loan scheme.
Mentoring
Get expert mentoring in technology, entrepreneurship, marketing, sales, advertising, retail, finance, and legal to grow your business.
Support Services
Affordable access to business services like incorporation, GST registration, accounting, IT infrastructure, e-commerce, legal, and more.
Eligibility
01
The scheme will be open for first-time entrepreneurs. However experienced entrepreneurs who want to start a new business will also be eligible.
02
Applicant must be above 18 years of age.
03
Applicant must be a Bhanap – meaning that the primary applicant’s father or mother are
Chitrapur Saraswats as defined in integrated scheme of Shri Chitrapur Math
04
Minimum of 25% of the proposed business entity shall be owned by a Bhanap prior to funding
under this scheme. Promoters must invest an amount of at least 20% of the amount of seed funding grant from SBY.
Evaluation Criteria
- Applications will be accepted in an announced time window. Initial screening of applicants will be done based on the information submitted in the application form and supporting documents.
- Shortlisted candidates will then be invited to present their business plans to the SBY’s Evaluation Committee.
- If applicant needs guidance in creating/refining their business plan such guidance/mentoring will be provided from SBY on a first-cum-first-served basis.
- Applicants must provide references from their local Chitrapur Sabha.
- Evaluation criteria will include the viability and innovation of the business idea, the team’s ability to execute the plan, and the potential for growth and job creation.
- Final approval will be subject to due diligence of submitted information.
- After receiving funding the business must report on fund usage, financial reports (MIS) and meet agreed-upon milestones as per plan.
- Excluded business areas include liquor sales and speculative trading of equities, commodities, or real estate.
Process
Scheme will be launched on 23rd April 2024 on the day of Rathotsava at Shri Chitrapur Math, Shirali. Applications will be accepted from 1st/2nd week of May. Please keep an eye on our website & social media FB/Insta/LinkedIn handles for updates & access to the application form.
Please take our Entrepreneur Survey to customize our support for your needs, whether you're ready to start a business or exploring such a possibility in future and planning to apply to SBY.
Craft your business idea carefully! Successful applicants need a strong business plan. Explore resources to highlight your idea's business value. Seek help from SBY for guidance on creating/refining business plan.
Frequently Asked Questions
What will be the nature of funding? Will it be equity or debt?
It will be neither equity nor debt but a grant. An application will go through a selection process, and upon successful selection, the SBY will also determine the amount of funding to be granted. Also funding will be disbursed in tranches as determined during evaluation.
While there is no contractual obligation to repay this grant funding to SBY, it is expected that businesses that go on to do well will donate (possibly with some multiple in the financing availed) to the SBY in future so that SBY can continue to fund more Bhanap Businesses in future.
Will the age of the primary applicant limit eligibility?
There is no age limit for applicants. Merit of the business case shall be the determining factor in selection.
Can existing businesses apply for funding to grow their business?
No. The primary objective of the fund is to help start new businesses particularly for new entrepreneurs. Existing businesses will not be eligible to apply to SBY. Experienced entrepreneurs who want to start a new business venture may apply.
Will funding be available only for first-time entrepreneurs?
SBY is targeted to promote start of new businesses and first-time entrepreneurs will be given preference. Entrepreneurs who have run businesses earlier may only apply for starting a new business. Their evaluation will take into account their earlier business.
Can I only apply for mentoring or support services even if I don’t want to take funding from SBY?
Yes, applications that request only mentoring and support services but do not want to take SBY funding, will be accepted.
Can I get help with a partner Bank under their MSME funding even if I don’t apply for funding from SBY?
Yes, if the applicant indicates this, and based on the evaluation of the business plan, SBY will help the applicant apply for MSME funding from partner banks.
What is the quantum of funding I can get?
SBY grant will be limited to a maximum of 20 lakh Rs for each applicant, and SBY will determine the sanctioned grant based on due diligence on the finance plan.
Are there any types of businesses that will not be eligible for funding?
Certain businesses that are not in line with the objectives of the SBY, including (but not limited to) speculative businesses (such as equity or commodity trading or real estate) or businesses that are primarily based on liquor, will not be eligible for funding.
I am keen to start a business and have a business idea, but I need guidance to develop a business plan. Can I get help on this from SBY?
Yes, SBY will have a panel of mentors to guide entrepreneurs in fine-tuning their business ideas and plans.
It is mentioned that “Bhanaps” are eligible. What is the definition of the term “Bhanap” that will be used for this funding scheme?
For the purposes of this scheme, a Bhanap will be taken to mean an applicant whose mother or father is a Chitrapur Saraswat. The term Chitrapur Saraswat is defined in Shri Chitrapur Math’s integrated scheme. References from the local Sabha of Chitrapur Saraswats will be needed.
Can non-Bhanap spouses of Bhanaps get help with mentoring and support services even if funding is not possible?
Mentoring and support services will be available to the non-Bhanap spouse of a Bhanap person. See above for a definition of Bhanap.
I am a Bhanap, but my co-founders are not. Is our business eligible to apply for SBY funding?
Bhanap(s) must collectively own at least 25% of a business to be eligible to apply for SBY funding. The primary applicant must be a Bhanap.
Post-funding, will my business be required to adhere to any controls/restrictions from SBY?
- report their accounts (MIS) periodically to the SBY – this is to ensure that the business plan utilizes the funding from SBY
- Take approval from SBY for any change of control, management or essential purposes of the business
- Give preference to Bhanaps in hiring when suitable candidates are available
- Note that there may be other conditions that apply which will be communicated upon selection.
When can I apply for funding? Is it a one-time window, or will applications be accepted at all times?
Applications will be invited in cohorts (groups) at periodic intervals (typically twice a year). The date of application will be announced on the SBY website, (www.samarthbhanap.com) and through the social media resources of Shri Chitrapur Math, KSA-CSN, Yuvadhara, etc.
What is the process of application and evaluation?
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