Panaji:In a major policy shift aimed at widening access and accelerating disbursement, the Economic Development Corporation (EDC) of Goa announced significant simplifications to the Chief Minister’s Rojgar Yojana (CMRY).

The move, announced on Friday by EDC managing director B S Pai Angle, aims to promote entrepreneurship among Goans.“We have removed all the hurdles existing in the CMRY scheme. It has now been greatly simplified,” Angle said, adding that officers have been deployed to panchayats across Goa since April 15 to spread information about the reforms in the scheme. “We’ve already covered 50% of the panchayats and expect to reach the remaining soon,” said Angle.Among the key reforms, the age limit for applicants was raised from 42 to 50 years, with the condition that the loan repayment period must be completed by the age of 60. The scheme also removed the earlier income ceiling of Rs 10 lakh for eligibility, making it accessible not just to first-time entrepreneurs but also to existing business owners. Also, applications will now be considered even if the applicant has an outstanding loan with another bank.

Angle said the EDC streamlined the processing system to ensure that loan sanction and disbursement are completed within two to three weeks.EDC disbursed over Rs 300 crore to more than 8,000 beneficiaries under the scheme in recent years, with 200 to 250 new applicants receiving sanctions this year alone.Angle acknowledged that the COVID-19 pandemic led to a spike in business failures, resulting in a default rate of around 10%. To address this, EDC is now offering structured entrepreneurial training along with financial support. “Finance and skilling alone aren’t enough. Our youth also need support in areas like compliance, legal issues, and business management,” he said.