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Application Procedure for Venture Capital Scheme
Application Procedure for Venture Capital Scheme
How to apply for VCA
Applying VCA from SFAC is very simple. The promoters directly or with the support of any SFAC’s empanelled consultant may submit VCA application form through the as given below Eligible lending institution to SFAC along with the documents as per checklist immediately after the bank/Financial institution has sanctioned the Term Loan. SFAC, after receipt of the application followed by preliminary scrutiny of documents will send acknowledgement letter with proposal registration number to the bank, promoter and the consultant (if any) and will simultaneously ask for any other document /information/clarification required to further process the proposal.
“However applicants are advised to thoroughly read the Scheme guidelines before applying “
List of banks with whom MOU has been signed by SFAC
| S.No. | Bank | Date |
|---|---|---|
| 1 | Allahabad Bank | 09.05.2005 |
| 2 | UCO Bank | 09.05.2005 |
| 3 | Bank of Baroda | 13.05.2005 |
| 4 | OBC | 18.07.2005 |
| 5 | Punjab National Bank | 20.07.2005 |
| 6 | Central Bank of India | 26.05.2005 |
| 7 | Canara Bank | 23.09.2005 |
| 8 | Vijaya Bank | 26.09.2005 |
| 9 | The Jammu & Kashmir Bank Ltd | 05.10.2005 |
| 10 | Syndicate Bank | 10.10.2005 |
| 11 | Bank of Maharashtra | 19.10.2005 |
| 12 | United Bank of India | 24.11.2005 |
| 13 | State Bank of Bikaner & Jaipur | 14.12.2005 |
| 14 | State Bank of India | 19.12.2005 |
| 15 | State Bank of Saurashtra | 14.03.2006 |
| 16 | Indian Bank | 07.02.2006 |
| 17 | Bank of India | 09.06.2006 |
| 18 | Dena Bank | 09.10.2006 |
| 19 | Union Bank of India | 09.10.2006 |
| 20 | State Bank of Patiala | 26.09.2006 |
| 21 | Indian Overseas Bank | 15.04.2008 |
| 22 | Punjab & Sind Bank | 19.03.2013 |
| 23 | Corporation Bank | 09.04.2014 |
| 24 | Agri Business Finance (AP) Ltd | 17.04.2014 |
| 25 | Kerala Financial Corporation | 17.04.2014 |
| 26 | Vananchal Gramin Bank | 02.05.2014 |
| 27 | Baroda Gujarat Gramin Bank | 02.05.2014 |
| 28 | Kerala Gramin Bank | 13.05.2014 |
| 29 | North Eastern Development Finance Corporation Ltd., (NEDFi) | 05.06.2014 |
| 30 | Kaveri Grameena Bank, Mysore | 11.06.2014 |
| 31 | Pragathi Krishna Gramin Bank, Bellary | 11.06.2014 |
| 32 | National Cooperative Development Corporation (NCDC) | 25.06.2014 |
| 33 | Baroda Uttar Pradesh Gramin Bank | 23.07.2014 |
| 34 | Dena Gujarat Gramin Bank, Gandhinagar | 23.07.2014 |
| 35 | Assam Gramin Vikash Bank, Guwahati | 26.07.2014 |
| 36 | Central Madhya Pradesh Gramin Bank, M.P. | 05.08.2014 |
| 37 | Assam Financial Corporation, Assam | 08.08.2014 |
| 38 | Odisha State Financial Corporation | 05.09.2014 |
| 39 | Bihar Gramin Bank | 05.11.2014 |
| 40 | Gramin Bank of Aryavart, UP | 07.11.2014 |
| 41 | Madhyanchal Gramin Bank, Madhya Pradesh | 10.12.2014 |
Checklist
| S.No | Checklist |
|---|---|
| 1 | Promoter’s request letter addressed to the Managing Director SFAC, New Delhi on original letterhead of firm/company |
| 2 | Sanction letter of Sanctioning authority addressed to recommending branch |
| 3 | Bank’s approved Appraisal/Process note bearing signature of sanctioning authority with terms of sanction of term loan |
| 4 | Up-to-date statement of account of Term loan and Cash Credit (if sanctioned) |
| 5 | Equity Certificate: a)C.A. certificate in case of Partnership or Proprietorship firms. b)Form-2(PAS-3), FORM-5(SH-7) and other documents in lieu of FORM-23 filed with ROC for |
| 6 | Farmer’s list/backward linkage duly supported by agreement |
| 7 | Affidavit of promoters that they have not availed VCA in the past |
| 8 | Unsecured loans raised by the promoters (If any). CA Certificate to be enclosed |
| 9 | Copy of last Bank's inspection report |
| 10 | Bank’s confirmation that they will not release primary & collateral security without SFAC consent |
| 11 | Justification for margin on working capital taken in the project cost |
