More than 1.8 lakh girls and SC/ST entrepreneurs have been sanctioned loans for greater than Rs 40,600 crore. (Representative picture)
Stand-Up India Scheme has proved to be an necessary milestone in selling entrepreneurship amongst SC, ST and girls, says Finance Minister Nirmala Sitharaman
The authorities has sanctioned Rs 40,710 crore beneath the Stand Up India Scheme to 1,80,636 accounts will March 21, 2023, in line with an official assertion launched on the seventh anniversary of the scheme on Wednesday. The scheme goals to handle the challenges confronted by SC, ST and girl entrepreneurs in organising enterprises, acquiring loans and different help wanted every so often for succeeding in enterprise.
On the event, Union Finance and Corporate Affairs Minister Nirmala Sitharaman mentioned, “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 crore.”
She added that the scheme has created an eco-system which facilitates and continues to provide a supportive environment for setting up green field enterprises through access to loans from bank branches of all scheduled commercial banks.
“Stand-Up India Scheme has proved to be an important milestone in promoting entrepreneurship among SC, ST and women,” the finance minister mentioned on the seventh anniversary of SUPI Scheme.
Union Minister of State for Finance Bhagwat Kisanrao Karad said, “The Stand Up India scheme is based on the third pillar of National Mission for Financial Inclusion namely ‘Funding the unfunded’. The scheme has ensured availability of seamless credit flow from branches of schedule commercial banks to SC/ST and women entrepreneurs. Scheme has been instrumental in improving the standards of living for entrepreneurs, their employees and their families.”
Karad added that greater than 1.8 lakh entrepreneurs have benefitted from this scheme throughout previous seven years. It can be a matter of immense pleasure for me that greater than 80 per cent of loans given beneath this scheme have been offered to girls.
What is Stand-Up India Scheme?
The Stand-Up India Scheme was launched on April 5, 2016, to advertise entrepreneurship on the grassroot stage specializing in financial empowerment and job creation. This scheme has been prolonged as much as the yr 2025.
The Stand-Up India scheme is designed to handle the challenges confronted by SC, ST and girls entrepreneurs in organising enterprises, acquiring loans and different help wanted every so often for succeeding in enterprise. The scheme due to this fact endeavors to create an ecosystem which facilitates and continues to supply a supportive setting to the goal segments in doing enterprise. The scheme goals to encourage all financial institution branches in extending loans to debtors from SC, ST and girls in organising their very own greenfield enterprise.
Who Are Eligible For Loan Under The Stand Up India Scheme?
- SC/ST and/or girls entrepreneurs, above 18 years of age;
- Loans beneath the scheme can be found for under inexperienced area initiatives. Green area signifies, on this context, the primary time enterprise of the beneficiary in manufacturing, providers or the buying and selling sector and actions allied to agriculture;
- In 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 financial institution/monetary establishment;
- The scheme envisages ‘up to 15 per cent’ margin cash which might be offered in convergence with eligible central/ state schemes. In any case, the borrower shall be required to herald minimal of 10 per cent of the undertaking price as personal contribution.
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