Stand Up India Scheme Completes Seven; More than Rs.40,700 Crore Loans Sanctioned
Loans worth about Rs.40,600 crore covering 1.8 lakh entrepreneurs have been sanctioned to this point below the Stand Up India Scheme, as per the Union finance minister Nirmala Sitharaman.
Stand Up India Scheme was launched on 5th April 2016 to promote entrepreneurship at a grassroots degree focusing on economic empowerment and job creation. This scheme has been prolonged as much as the year 2025.
Recognizing the challenges that energetic, enthusiastic, and aspiring SC, ST, and girls entrepreneurs could face in changing their dream to actuality, Stand-Up India was launched to advertise entrepreneurship amongst women, Scheduled Castes (SC), and Scheduled Tribes (ST) classes, as a way to help them in starting a greenfield enterprise in manufacturing, providers, or the buying and selling sector, as well as activities allied to agriculture.
At the event, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman stated, “It is a matter of pride and satisfaction for me to note that more than 1.8 lakh women and SC/ST entrepreneurs have been sanctioned loans for more than Rs. 40,600 crores.”
“Through access to loans from bank branches of all Scheduled Commercial Banks, the scheme has created an eco-system that facilitates and continues to provide a supportive environment for establishing green field enterprises.” “The Stand-Up India Scheme has proven to be an important milestone in promoting entrepreneurship among SC, ST, and women,” the Finance Minister stated at the event of the SUPI Scheme’s seventh anniversary.
Smt. Sitharaman said that the Stand-up India Scheme has impacted many lives by providing the unserved/underserved section of entrepreneurs easy access to inexpensive credit scores. According to the Finance Minister, the plan has given aspiring entrepreneurs wings to reveal their entrepreneurial acumen, and the potential entrepreneurs maintain in driving economic growth and creating a robust ecosystem by being job creators is enormous.
On the event of the 7th anniversary of the Stand-Up India Scheme, Union Minister of State for Finance Dr Bhagwat Kisanrao Karad said, “The Stand-Up India Scheme is founded on the third pillar of the National Mission for Financial Inclusion, namely “Funding the Unfunded.” The scheme has assured a steady circulation of credit scores from Schedule Commercial Bank branches to SC/ST and women entrepreneurs. Scheme has helped to boost the residing requirements of entrepreneurs, their staff, and their families.”
“Over the last seven years, more than 1.8 lakh entrepreneurs have benefited from this scheme,” Dr Karad stated. “It also gives me great pleasure that more than 80% of loans made under this scheme have gone to women,” Dr Karad added.
As we rejoice in the seventh anniversary of the Stand Up India Scheme (SUPI), allow us to look at the options and achievements of this Scheme.
The purpose of Stand-Up India is to:
promote entrepreneurship amongst women, SC & ST category;
Provide loans for greenfield enterprises in manufacturing, providers or the buying and selling sector and activities allied to agriculture;
facilitate bank loans between Rs.10 lakh and Rs.100 lakh to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one lady borrower per bank department of Scheduled Commercial Banks.
Why Stand-Up India?
The Stand-Up India scheme is designed to address the challenges confronted by SC, ST and women entrepreneurs in organising enterprises, acquiring loans and different assistance wanted now and then for succeeding in business. The scheme subsequently endeavours to create an ecosystem that facilitates and continues to offer a supportive setting to the goal segments in doing business. The scheme’s goal is to encourage all financial institution branches in extending loans to debtors from SC, ST and girls in organising their very own greenfield enterprises. The needed candidates can apply below the scheme:
Directly on the department or,
Through Stand-Up India Portal (www.standupmitra.in) or,
Through the Lead District Manager (LDM).
Who all are eligible for a loan?
SC/ST and/or women entrepreneurs, above 18 years of age;
Loans below the scheme can be found for less than inexperienced subject projects. Green subject signifies, in this context, the first-time venture of the beneficiary in manufacturing, providers or the buying and selling sector and activities allied to agriculture;
In the case of non-individual enterprises, 51% of the shareholding and controlling stake ought to be held by both SC/ST and/or Women Entrepreneur;
Borrowers shouldn’t be in default to any bank/monetary institution;
The Scheme envisages ‘up to 15%’ margin cash which will be offered in convergence with eligible Central/State schemes. In any case, the borrower shall be required to usher in a minimum of 10 % of the project value as a personal contribution.