What, Why & How
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.
Why MAGIC Fund?
Access to capital is one of the crucial aspects of Entrepreneurship Development. To start an enterprise, one certainly needs to have an idea that is technically feasible and commercially viable. After ascertaining that idea is both feasible and viable, aspiring entrepreneurs work on and develop their Business Plan and start their quest for capital.
This is when most of them get frustrated. There are many government schemes (both state and central) but the bureaucracy is daunting to these people. Micro Finance Institutions are willing to lend money; but their interest rates and structure are usurious when compared to the rate of return the micro enterprises can hope to achieve.
How MAGIC Fund Operates?
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 selects potential NGO partner for participation in MAGIC.
- An MOU is executed between the NGO partner and I Create India.
- NGO mobilizes candidates for training by I Create. Selection of beneficiaries from among the candidates is done by I Create and an Aspiring Entrepreneurs Workshop (AEW) is conducted for these beneficiaries.
Amrit Fund
Amrit Fund was created in memory of Late Amrit Rai Kapoor, father of Col. Vijay Kapoor (Retd), founder Director of I Create Rajasthan. The fund was created in 2014 with corpus donated by him. Entrepreneurs trained by I Create who found it difficult to start their businesses for want of initial capital are assisted with returnable seed capital from this fund. Many other donors stepped in to add to the corpus for the economic upliftment of the disadvantaged. Some of these are : Ms. Rita Puri, Shrimati Kamla Mankekar, Raghu Sinha Mala Mathur Charity Trust, and Danish Pvt.Ltd.