What is MAGIC FUND?
MAGIC (Mentor and Angel Group of I Create) Fund is a donation based seed capital assistance fund. This fund has been created by I Create India through the generous contributions of many individuals and organizations. The focus is on providing hassle free and low cost access to capital to the aspiring entrepreneurs who have been trained by I Create and who have a viable business plan and an implementation strategy.
As the corpus of the MAGIC fund is created through donations, we are able to provide assistance without charging any interest. The recipients of the assistance are required to pay back the amount received as assistance as per agreed repayment plan together with a small service fee to take care of collection efforts and other related expenses.
Donations are utilized for providing seed capital assistance and not for meeting overhead expenses.