Big Relief for Entrepreneurs: Goa Govt Waives Interest Under Chief Minister’s Rojgar Yojana Exit Scheme

The Goa Government has notified an exit scheme for entrepreneurs whose businesses failed after taking loans under the Chief Minister’s Rojgar Yojana (CMRY). The scheme allows eligible borrowers to settle their loan accounts by repaying only the outstanding principal amount, while the interest will be waived if the repayment is completed within two months.

The initiative, to be implemented by the Economic Development Corporation (EDC), is aimed at providing relief to entrepreneurs facing difficulties in continuing their businesses and helping them close their loan obligations through a structured exit route.

At a Glance

CMRY borrowers with failed businesses can apply
Outstanding interest will be waived
Principal must be repaid within two months
EDC will implement the exit scheme

Who Can Benefit From the Scheme?

The exit scheme covers CMRY loan accounts where the first loan disbursement was made up to two years before the date of the exit application. This means entrepreneurs who recently received CMRY assistance but were unable to sustain their businesses may be eligible to seek closure under the new arrangement.

For eligible borrowers, the major relief comes through the waiver of interest. Instead of having to clear both principal and accumulated interest, they can settle the account by repaying the outstanding principal within the stipulated two-month period.

How Can Entrepreneurs Apply?

Entrepreneurs seeking to use the exit facility will have to submit a written application to the EDC.

The application must explain why the entrepreneur is unable to continue operating the business and should be supported by relevant documents. Applicants must also provide a repayment plan showing how they intend to clear the outstanding principal within two months.

The requirement for supporting documents and a repayment plan provides a structured mechanism for the EDC to assess applications and facilitate the closure of eligible accounts.

CM Sawant Highlights Relief for Entrepreneurs

Chief Minister Dr. Pramod Sawant said the move would provide major relief to entrepreneurs who have been unable to sustain their businesses.

The scheme comes as part of the government’s broader efforts to support entrepreneurship in Goa while addressing challenges faced by borrowers whose businesses have not succeeded.

Sawant chaired the 409th board meeting of the Economic Development Corporation, where several policy and financial decisions were taken. The EDC board also approved its consolidated financials for FY 2025–26, reporting revenue of around ₹128 crore and profits of approximately ₹69 crore.

Further Support for Businesses

The Chief Minister also reviewed amendments to the Mukhyamantri Modified Interest Rebate Scheme. The amended scheme provides an additional 5% rebate for solar projects and an additional rebate of up to ₹15 lakh for loans under the Working Capital Term Loan Scheme.

Together, these measures reflect the government’s focus on easing financial pressure on entrepreneurs, supporting viable investments and creating a more flexible business environment in Goa.

The new CMRY exit scheme therefore offers a time-bound opportunity for eligible entrepreneurs to settle failed business loans with interest relief, while giving them a structured pathway to formally close their loan accounts.

The Independent Voice of Goa

The Independent Voice of Goa

The Independent Voice of Goa