New Delhi: Rs. 25,586 crore has been sanctioned under Stand Up India Scheme to over 1,14,322 accounts upto 23.03.2021 since inception of the Scheme, Union Finance Ministry said on Sunday.
The objective of Stand-Up India is to promote entrepreneurship amongst women, Scheduled Castes (SC) & Scheduled Tribes (ST) categories, to help them in starting a greenfield enterprise in trading, manufacturing and services sector, by both ready and trainee borrowers.
“The Stand-Up India scheme is based on recognition of the challenges faced by SC, ST and women entrepreneurs in setting up enterprises, obtaining loans and other support needed from time to time for succeeding in business. The scheme therefore endeavors to create an eco-system which facilitates and continues to provide a supportive environment for doing business. The scheme seeks to give access to loans from bank branches to borrowers to help them set up their own enterprise,” the ministry said in a release.
Outlining the achievements of this scheme, the ministry said that Rs. 25,586 crore has been sanctioned under the scheme to over 1,14,322 accounts upto as on March 23, 2021 since its inception.
The scheme was launched on April 5, 2016 to promote entrepreneurship at grassroot level focusing on economic empowerment and job creation. Now, the government has extended this scheme up to the year 2025.
“Rs 3335.87 crore has been sanctioned to 16258 SC accounts and Rs 1049.72 crore to 16258 ST accounts,” the finance ministry said.
It added that Rs 21200.77 crore has been sanctioned to 93094 women accounts.
Eligibility criteria for Stand Up India loan:
- SC/ST and/or women entrepreneurs, above 18 years of age.
- Loans under the scheme are available for only green field projects. Green field signifies, in this context, the first time venture of the beneficiary in the manufacturing, services or the trading sector & activities allied to agriculture
- In case of non-individual enterprises, 51% of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneur.
- Borrowers should not be in default to any bank/financial institution.
The scheme seeks to give access to loans from bank branches to borrowers to help them set up their own enterprise. The scheme, which covers all branches of Scheduled Commercial Banks, will be accessed in three potential ways: Directly at the branch or, Through Stand-Up India Portal (www.standupmitra.in) or, Through the Lead District Manager (LDM). (PW News)