Goa Chief Minister’s Rojgar Yojana (CMRY)

Chief Minister’s Rojgar Yojana (CMRY) is a flagship self-employment financing scheme of the Government of Goa, implemented by Economic Development Corporation (EDC) Limited. The scheme provides project financing of up to Rs. 25 lakh for eligible entrepreneurs, along with a substantial interest rebate that can reduce the effective borrowing cost to approximately 2% per annum for regular borrowers.

Introduction of Goa Chief Minister’s Rojgar Yojana: A Brief Insight

For many young people in Goa, starting a business is not about a lack of ideas or ambition; it is about finding the money needed to turn that idea into reality. Whether someone wants to open a service centre, purchase equipment, start a manufacturing unit, or expand a small enterprise, arranging affordable finance is often the biggest challenge. Traditional business loans can carry a significant repayment burden, especially for first-time entrepreneurs. To address this challenge and encourage self-employment, the Government of Goa operates the Chief Minister’s Rojgar Yojana (CMRY).

The scheme is implemented by Economic Development Corporation (EDC) Limited, Government of Goa. Its objective is simple yet impactful, help eligible Goan residents establish or expand viable businesses by providing accessible financial assistance, reduced promoter contribution requirements, and substantial interest support from the government.

One of the biggest advantages of CMRY is that applicants do not have to arrange the entire project cost on their own. Depending on the category of the applicant, the government contributes a major portion through DITC Share Capital, while EDC provides the remaining financial assistance as a term loan. This significantly lowers the initial financial burden and makes entrepreneurship more accessible for first-generation business owners.

Under the scheme, eligible applicants can avail project financing of up to Rs. 25 lakh if they hold professional, technical, diploma, or ITI qualifications, while other eligible applicants can receive assistance for projects up to Rs. 20 lakh. The promoter is generally required to contribute only 5% to 10% of the project cost, depending on the category.

Another major benefit is the interest support provided by the government. Although the applicable interest rate is 8% per annum, borrowers who regularly repay their instalments and keep their business operational receive a 75% interest rebate. As a result, the effective interest burden comes down to approximately 2% per annum, making CMRY one of the most affordable self-employment financing schemes available in Goa.

The scheme also received a significant update in 2026 with the introduction of a dedicated Exit Policy. This policy provides relief to eligible borrowers whose ventures could not succeed despite genuine efforts. Subject to prescribed conditions, such borrowers can settle their account by repaying only the outstanding principal amount, while the applicable interest is waived under the policy.

Eligible residents of Goa aged between 18 and 50 years, having at least a Class VIII qualification and fulfilling the prescribed residency requirements, can apply under the scheme. Applications can be obtained from EDC House, Panaji, or downloaded through edc-goa.com. Applicants can also contact EDC on 7722079569 for guidance regarding eligibility, documentation, and the application process.

Entrepreneurs seeking additional or alternative financing can also explore the Pradhan Mantri Mudra Yojana (PMMY), which offers collateral-free loans for small businesses, and the Prime Minister’s Employment Generation Programme (PMEGP), a credit-linked subsidy scheme designed to support the establishment of new micro-enterprises.

Goan entrepreneurs looking for short-term working capital support can additionally check EDC’s Short Term Loan Scheme. Existing business owners and aspiring entrepreneurs may also explore other Self Employment Schemes offered through various state-supported corporations and development agencies.

Aspiring entrepreneurs, start-up founders, self-employed professionals, and anyone looking for more employment, business, and welfare schemes available under the Goa Government can explore all available programmes on our Goa Government Welfare Schemes page.

Benefits Provided to Eligible Beneficiaries

The Chief Minister’s Rojgar Yojana (CMRY), implemented by the Economic Development Corporation (EDC) Ltd., Government of Goa, helps aspiring entrepreneurs start or expand their businesses through concessional financial assistance, interest support, and entrepreneurship training.

Maximum Financial Assistance Available

• Professional degree holders, diploma holders, ITI-qualified candidates, and applicants trained under recognised government skill-development programmes can avail assistance for projects up to Rs. 25 lakh
• All other eligible applicants can avail assistance for projects up to Rs. 20 lakh

Funding Pattern Under CMRY

This structure significantly reduces the amount that beneficiaries need to invest from their own pocket while starting a business.

Interest Benefit and Rebate

• Interest rate charged on both the EDC Term Loan and DITC Share Capital is 8% per annum
• Eligible borrowers receive an interest rebate of 75% (equivalent to 6% per annum)
• As a result, the effective interest burden comes down to approximately 2% per annum
• The rebate is credited directly to the loan account of borrowers who regularly pay their EMIs and keep the business operational
• A 2% penal interest is applicable on overdue or defaulted amounts

Business Activities Covered

The scheme supports almost all economically viable and lawful business activities, except those related to alcohol and tobacco.

• Manufacturing and service enterprises
• Retail and trading activities
• Common Service Centres (CSC-VLE)
• Start-up ventures involving fixed assets
• Homestay and Bed & Breakfast projects
• Civil and electrical contracting businesses
• Other viable self-employment and entrepreneurial activities approved by EDC Ltd.

Repayment Facility

• Vehicle-related loans can generally be repaid within 5 years
• Most other business projects receive a repayment period of 5 to 7 years
• A moratorium period of up to 1 year may be allowed, depending on the project
• Repayment is made through convenient monthly EMIs
• In deserving cases, eligible SC/ST beneficiaries may receive an extended repayment period of up to 20 years, subject to approval by the Task Force Committee

Entrepreneurship Training Support

• Selected beneficiaries must undergo an Entrepreneurship Development Programme (EDP) before loan disbursement
• The training generally lasts up to 3 days
• Topics include business planning, financial management, bookkeeping, marketing, digital promotion, and enterprise management

Special Exit Policy for Distressed Borrowers (2026)

To support entrepreneurs whose ventures could not succeed despite genuine efforts, the Government of Goa introduced a special Exit Policy under CMRY.

• Applicable to eligible borrowers whose businesses have become non-operational
• Generally available for accounts where the first loan disbursement was completed within the previous 2 years
• Allows borrowers to close the loan account by repaying only the outstanding principal amount
• Outstanding interest can be waived, subject to the conditions of the policy
• A limited settlement period of around 2 months is available under the notified framework

Eligibility Conditions Required to be Fulfilled

To avail financial assistance under the Chief Minister’s Rojgar Yojana (CMRY), applicants must satisfy the eligibility criteria prescribed by the Economic Development Corporation (EDC) Ltd., Government of Goa. The scheme is designed to support aspiring entrepreneurs, self-employed individuals, and small business owners looking to establish or expand income-generating ventures in the state.

• Applicant must be between 18 and 50 years of age
• Age relaxation of 5 years is available for widows, persons with disabilities, and applicants belonging to SC, ST, and OBC categories
• The loan repayment period should be structured in a manner that it does not extend beyond the borrower’s age of 60 years
• Must have passed at least Class VIII (relaxation may be considered in deserving cases)
• Preference is given to applicants possessing technical, professional, or government-recognised vocational training
• No income ceiling has been prescribed under the CMRY-2023 notification
• Must be a permanent resident of Goa for a minimum of 15 years
• Spouses of Goan-origin residents may also apply, provided the spouse has 15 years of residence in Goa and the applicant has been settled in the state for at least 1 year
• Must not be a defaulter of any nationalised bank, cooperative bank, or financial institution

Eligibility for Partnerships, LLPs, and Self-Help Groups

CMRY is not restricted to individual applicants. Eligible partnerships, LLPs, and Self-Help Groups (SHGs) can also seek financial assistance under the scheme.

• Partnership firms, LLPs, and SHGs are eligible to apply
• Financial assistance up to Rs. 25 lakh can be sanctioned with Task Force Committee approval
• Proposals above Rs. 25 lakh and up to Rs. 75 lakh require prior approval from the Government
• The eligible loan amount is calculated based on the combined entitlement of the partners or members
• SHGs can claim category-specific benefits only when all members belong to the same eligible category such as Women, SC, ST, OBC, or Persons with Disabilities

Who Is Not Eligible?

• Applicants declared as loan defaulters by any bank or financial institution
• Applicants already availing another subsidy-linked scheme for the same project, unless specifically permitted
• Businesses engaged in the manufacture, sale, or distribution of alcohol or tobacco products
• Applicants who do not satisfy the prescribed age criteria and are not eligible for relaxation

Note: The Chief Minister’s Rojgar Yojana was originally notified for the period from 1 April 2023 to 31 March 2026. The Government of Goa has subsequently extended the scheme for another three years, making it operational until 31 March 2029. Applicants should verify the latest eligibility conditions and operational guidelines with EDC Ltd. before submitting their application.

Documents Required to be Attached

To apply for financial assistance under the Chief Minister’s Rojgar Yojana (CMRY), applicants must submit a set of personal, residency, business, and loan-related documents. Keeping all documents ready in advance can help avoid delays during verification and loan processing.

Documents Required from the Applicant

• School Leaving Certificate or educational qualification certificate
• 15-year Goa residency proof (or School Leaving Certificate/passing certificate issued by Goa Board or Goa University)
• Aadhaar Card
• PAN Card
• Election Card (Voter ID)
• Latest house tax receipt
• Self-declaration in the prescribed format
• Age proof
• Caste Certificate, Disability Certificate, or Widow Certificate (where applicable)
• Detailed Project Report (DPR) for loan proposals of Rs. 10 lakh and above
• Quotations or pro forma invoices for machinery, equipment, furniture, vehicles, or other business assets
• Bank account details/passbook
• Recent passport-size photographs
• Valid driving licence, badge, or business assurance recommendation letter (for vehicle-related loan proposals)

Documents Required from the Guarantor

• Aadhaar Card
• PAN Card
• Voter ID
• Notarised ownership document of immovable property (required if the loan amount exceeds Rs. 6 lakh)
• Income Tax Returns (ITR) of the last 3 years (for self-employed or private-sector guarantors)
• Latest salary slip (for government employee guarantors)

If the Business Premises Are Rented

• No Objection Certificate (NOC) from the property owner in the prescribed EDC format
• Latest house tax receipt of the rented premises in the owner’s name

For Existing CMRY Borrowers Applying Under the Exit Policy (2026)

• Written application explaining the reasons for business closure or failure
• CMRY loan account details, including sanction and disbursement information
• Documents supporting business closure or financial distress
• Statement showing the outstanding principal amount
• Proposed plan for repayment of the remaining principal
• Identity and address proof

How Beneficiaries Can Apply to Avail the Benefit of the Scheme

If you want to start your own business in Goa but do not have enough funds, the Chief Minister’s Rojgar Yojana (CMRY) can help you with financial assistance. The application process is straightforward if you follow each step carefully.

Step 1: First, decide what type of business you want to start. It could be a shop, service centre, vehicle-based business, manufacturing unit, homestay, startup, or any other eligible activity. Also estimate how much money you will need for the project.

Step 2: Collect the CMRY application form from EDC House, Panaji or obtain the latest details through the EDC Ltd. website. The application form is available on payment of the prescribed fee.

Step 3: Fill in all required information carefully, including your personal details, educational qualifications, business activity, project cost, and funding requirements.

Step 4: Prepare your business proposal and gather all supporting documents such as Aadhaar Card, PAN Card, residence proof, educational certificates, quotations for machinery or equipment, bank details, and other required documents.

Step 5: If your project cost is Rs. 10 lakh or more, prepare a detailed project report (DPR) explaining the business, expected income, expenses, and repayment plan.

Step 6: Submit the completed application form along with the required documents and prescribed processing fee to EDC Ltd. Keep the acknowledgement receipt safely for future reference.

Step 7: Arrange the required guarantor documents, if applicable. The guarantor requirements vary depending on the loan amount being sought.

Step 8: After submission, EDC Ltd. will examine your application and place it before the Task Force Committee (TFC). The committee checks whether your project is practical, financially viable, and eligible under the scheme.

Step 9: If your proposal is approved, you will receive a sanction letter mentioning the approved loan amount and other conditions.

Step 10: Before the loan is released, you must attend the mandatory Entrepreneurship Development Programme (EDP). This short training programme helps you understand business planning, bookkeeping, costing, marketing, and day-to-day business management.

Step 11: Deposit your share of the project cost (promoter’s contribution). Generally, General category male applicants contribute 10% of the project cost, while Women, OBC, SC, ST, and Persons with Disabilities contribute 5%.

Step 12: After completing all formalities, EDC Ltd. releases the approved financial assistance. Payments for machinery, equipment, vehicles, furniture, or other approved assets are generally made directly to the suppliers based on the submitted quotations and invoices.

Step 13: Once the assets are installed and verification is completed, start your business operations and repay the loan through monthly EMIs. Regular repayment is very important because the scheme’s interest rebate benefit is available only to borrowers who keep their accounts regular and their business operational.

If Your Business Has Closed and You Want to Use the 2026 Exit Policy

The Government of Goa has also introduced a special Exit Policy for eligible CMRY borrowers whose businesses could not continue despite genuine efforts.

Step 1: Contact EDC Ltd. and confirm whether your loan account qualifies under the Exit Policy provisions.

Step 2: Submit a written application explaining the reasons for business closure, along with the required supporting documents and loan account details.

Step 3: Obtain the statement showing the outstanding principal amount payable under the policy.

Step 4: Repay the outstanding principal within the prescribed settlement period. Eligible borrowers may receive a waiver of outstanding interest, subject to the conditions of the policy.

Step 5: After completing the settlement, collect the no-dues or loan closure certificate from EDC Ltd. and keep it safely for future reference.

Important: Before applying, always verify the latest application form, processing charges, guarantor requirements, and operational guidelines directly from EDC Ltd. Although the scheme has been extended up to 31 March 2029, certain procedures and requirements may change through fresh notifications issued by the Government of Goa.

CMRY vs Mukhyamantri Swayam Rojgar Yojana (MSRY) – Understanding the Difference

Many applicants confuse CMRY and MSRY because both programmes are associated with entrepreneurship and are supported by EDC Limited. However, the two schemes serve very different purposes. Before applying, it is important to understand which programme matches your current requirement.

In simple terms: If you already have a business idea and need financial support to turn that idea into reality, CMRY is the scheme you should explore. If you are still learning how to start, manage, or grow a business, MSRY can help you build the necessary entrepreneurial skills and confidence.

In fact, many aspiring entrepreneurs first participate in MSRY training and mentoring programmes to strengthen their business plans and then apply for a CMRY loan when they are ready to launch or expand their venture.

Important Links Available of the Scheme

• Chief Minister’s Rojgar Yojana Official Scheme Page on EDC Limited
• Goa CMRY Application Form (PDF)
• Official Goa Gazette – CMRY Notification
• Economic Development Corporation (EDC) Ltd. Official Portal
• Goa Chief Minister’s Rojgar Yojana Project Report Format

Contact Details in Case of Help Needed

• Implementing Agency: Economic Development Corporation (EDC) Limited, Government of Goa
• Address: EDC House, Dr. Atmaram Borkar Road, Panaji, Goa
• Phone: 7722079569

Frequently Asked Questions (FAQs)

Q. What is Chief Minister’s Rojgar Yojana (CMRY)?

Ans. Chief Minister’s Rojgar Yojana (CMRY) is a self-employment loan scheme of the Government of Goa, implemented through Economic Development Corporation (EDC) Limited. The scheme helps eligible residents start a new business, expand an existing enterprise, or purchase assets required for self-employment by providing financial assistance on concessional terms.

Q. Who can apply for CMRY?

Ans. Residents of Goa aged 18 to 50 years, who have passed at least Class VIII, have completed the required residency period, and are not defaulters of any bank or financial institution can apply. Age relaxation of up to 5 years is available for eligible categories such as SC, ST, OBC, widows, and persons with disabilities.

Q. Is there any income limit for applying under CMRY?

Ans. No. As per the official CMRY provisions, there is no income ceiling for applicants seeking assistance under the scheme.

Q. What is the maximum project cost allowed under CMRY?

Ans. Applicants holding professional degrees, diplomas, ITI qualifications, or recognised technical training can receive assistance for projects costing up to Rs. 25 lakh. Other eligible applicants can avail assistance for projects up to Rs. 20 lakh.

Q. What is the interest rate charged under the scheme?

Ans. The standard interest rate is 8% per annum. However, borrowers who regularly repay their EMIs and keep their business operational receive a 75% interest rebate, reducing the effective interest burden to around 2% per annum.

Q. How much promoter’s contribution is required?

Ans. General male applicants are required to contribute 10% of the project cost from their own funds. Women, SC, ST, OBC, and persons with disabilities generally need to contribute only 5%.

Q. Which businesses are eligible for funding?

Ans. CMRY supports most economically viable and legally permissible business activities, including service enterprises, manufacturing units, start-ups, homestays, Common Service Centres (CSC), and contracting businesses. Activities related to alcohol and tobacco are not eligible for assistance.

Q. Can partnerships, LLPs, and Self-Help Groups apply?

Ans. Yes. Partnership firms, LLPs, and Self-Help Groups (SHGs) are also eligible. Depending on the project size, applications may require approval from the Task Force Committee or the Government of Goa.

Q. How can I apply for CMRY assistance?

Ans. Applicants can obtain the prescribed application form from EDC House, Panaji, or download it from the official EDC website. After completing the form and attaching all required documents, the application must be submitted to EDC Limited for scrutiny and approval.

Q. Is a Detailed Project Report (DPR) compulsory?

Ans. Yes. A Detailed Project Report (DPR) is mandatory for projects seeking financial assistance of Rs. 10 lakh or above. For smaller projects, a simpler project proposal may be sufficient.

Q. Do I need a guarantor for the loan?

Ans. Yes. The guarantor requirement depends on the loan amount. Smaller loans may require a personal guarantee from a spouse or parent, while higher-value loans may require a third-party guarantor or property-related security documents as prescribed by EDC.

Q. Is entrepreneurship training mandatory?

Ans. Yes. Beneficiaries are generally required to attend an Entrepreneurship Development Programme (EDP) of up to three days after loan sanction and before disbursement. The training covers essential topics such as business planning, bookkeeping, costing, and marketing.

Q. How is the loan amount disbursed?

Ans. After completion of all formalities and verification, the sanctioned amount is generally released directly towards approved assets, machinery, equipment, furniture, or vehicles based on the quotations and invoices submitted with the application.

Q. What is the CMRY Exit Policy introduced in 2026?

Ans. The Exit Policy provides relief to eligible borrowers whose businesses have failed. Subject to prescribed conditions, such borrowers may close their CMRY account by repaying only the outstanding principal amount, while the applicable interest is waived under the notified policy.

Q. Is CMRY currently active?

Ans. Yes. The scheme, which was originally valid up to 31 March 2026, has been extended by the Government of Goa for a further period of three years, from 1 April 2026 to 31 March 2029.

Q. Is CMRY the same as Mukhyamantri Swayam Rojgar Yojana (MSRY)?

Ans. No. CMRY is primarily a loan-based self-employment scheme, whereas MSRY focuses on entrepreneurship awareness, mentoring, capacity building, and business-development support. Both programmes are different and operate independently.

Q. Where can I get official information or assistance regarding CMRY?

Ans. Applicants can contact the Economic Development Corporation (EDC) Limited, Panaji, call the CMRY helpdesk at 7722079569, or visit the official website edc-goa.com for application forms, notifications, and the latest scheme guidelines.

Tabassum

Tabassum is a government schemes researcher and writer with 5 years of experience tracking Central and State welfare scheme programmes across India. She has covered 500+ schemes spanning agriculture, women welfare, education, and housing, helping lakhs of beneficiaries understand their entitlements in simple language.