jaipur rajasthan which has given the county some of the top business leaders is unleashing a wave which will see the birth of 1000 entrepreneurs in a years time or so more importantly these startups will be set up by the gennext who have sound business ideas but find it difficult to get access to funding as part of the young entrepreneur scheme started in may this year rajasthan finance corporation rfc has selected 1039 applicants out of the 13600 business ideas it received the identified ventures will receive 90 of the funding from rfc and get land at minimal cost from riico rfc has earmarked a budget of rs 500 crore for funding these startups offering loans at an interest rate of 75 the project cost of these ventures has been stipulated between rs 25 lakh and rs 1 crore the youth of today is brimming with innovative ideas but most of the time such ideas fail to take off as successful ventures in the absence of financial and infrastructure support we wanted to give wings to their dreams with the young entrepreneur scheme rfc will create that entrepreneurship ecosystem which the state was known for said yaduvendra mathur chairman and managing director of rfc among the entrepreneurs who are below 35 years there are 293 with engineering degrees 211 mbas 30 iitians 31 from medical background and nine with iim qualifications while the applicants hail from all over the country most of them 911 are from rajasthan as per the scheme all the selected candidates would require to set up their ventures in rajasthan besides rajasthan applicants also hail from delhi haryana uttar pradesh gujarat karnataka and maharashtra startups are also known for their high rate of failures in order to get bankable proposals rfc had roped in council of state industrial development and investment corporation cosidic the apex body for all state industrial corporations for the screening purpose cosidic in turn had appointed experts from iim ahmedabad to evaluate the business plans we wanted to get proposals which have good revenue visibility scalability and are sustainable out of the 1039 proposals many meet these criteria there are some ideas that need refinement we will provide them incubation platforms in cooperation with various agencies and industries which will help them to finetune their business models said mathur the final screening of the applicants started on september 9 2013 and ended on 20 mathur said those entrepreneurs with an advanced stage of preparation will be recommended to riico for allotment of land besides rfc has also applied to become a member of credit guarantee trust fund a government of india body operated by sidbi a membership of the body will help rfc to cover losses if some of the ventures dont yield the expected the results and fail to pay up the loan before shortlisting 1039 ideas the evaluation panel had selected 5000 business proposals mathur said the department will also take up next batch of business ideas from