UNLOCKING GROWTH

EDC’s Mortgage Loan Scheme for Established Businesses

- By Gauri Ghadge

In its unwavering mission to support Goa's economic development, the Economic Development Corporation (EDC) of Goa continues to introduce forward-looking financial solutions that empower businesses.

Among its noteworthy offerings is the Mortgage Loan Scheme, a dedicated initiative for existing enterprises seeking strategic funding support for expansion, modernisation, diversification, or restructuring.

This loan scheme is tailor-made for units with minimal or no existing debt and provides an opportunity to leverage immovable property for capital infusion. Here's an in-depth look at how this scheme works and why it stands out as a growth enabler in Goa's business ecosystem.

A PRACTICAL SOLUTION FOR REAL BUSINESS NEEDS

The Mortgage Loan Scheme is designed to offer financial assistance to enterprises aiming to: Acquire additional assets for expansion, modernization, renovation, or diversification.

Repay outstanding term loans or working capital borrowed from banks or financial institutions.

Clear unsecured loans (excluding margin contributions) or settle payments to creditors linked to fixed asset procurement.

Rather than a one-size-fits-all financing model, this scheme recognises the diverse and evolving needs of business units that are poised to scale with the right support.

WHO CAN APPLY?

Eligibility for the Mortgage Loan Scheme is structured to reach financially sound and stable enterprises. Applicants must meet the following conditions: Be an existing industrial or service sector unit operational within the State of Goa.

Have a minimum of five years of existence and recorded cash profits for at least two years.

Possess a positive net worth in the latest financial year.

Have satisfactory repayment history with banks, financial institutions, or the Corporation. For loan takeovers, accounts must be classified as standard assets for the last two years.