How MAGIC Fund Operates?
Corpus of the MAGIC Fund is operated by I Create India. It follows a very transparent process for disbursement and collection of assistance. Briefly:
- After due diligence, I Create Center selects potential NGO partner for participation in the MAGIC.
- An MOU is executed between the NGO partner, I Create Center and I Create India.
- NGO mobilizes candidates for training by I Create Center. Selection of beneficiaries from among the candidates is done by I Create Center and an Aspiring Entrepreneurs Workshop (AEW) is conducted for these beneficiaries.
- After the culmination of AEW, aspiring or budding entrepreneurs, who wish to work on their individual business plans, are mentored by I Create mentors.
- Now that the Biz Plan is ready for “access to capital”, mentors will ascertain the appropriate scheme and channel and advise the entrepreneur.
- Those seeking assistance from MAGIC will apply to I Create India – through the NGO and the I Create Center that was involved in mentoring. The application form (simple one-pager) and the Biz Plan (already completed) is forwarded to I Create India for dispensation.
- Applications and accompanying business plans received by I Create India are reviewed and if found to be viable, decision to provide assistance is made. Quantum of assistance, repayment plan and other details are discussed with the applicant entrepreneur and agreed to. Once agreement reached, disbursement is immediate.
- Decision about non-approval of any request is also conveyed immediately.
- NGO partner and the concerned I Create Center follow up and collect the repayment as per schedule and deposit the same in I Create India Bank Account designated for this.