Stand-Up India Scheme completes 6 years, loans over ₹30,160 Cr sanctioned to over 1,33,995 accounts
Today the sixth anniversary of the Stand Up India scheme is being celebrated. Stand Up India scheme was launched by Prime Minister Narendra Modi on 5th April 2016. The scheme was launched to encourage entrepreneurship at the grassroots level especially for promoting economic empowerment and employment generation among SC, ST and women entrepreneurs.
“As we commemorate the sixth anniversary of the Stand-Up India Scheme, it is heartening to see that more than 1.33 lakh new job- creators and entrepreneurs have so far been facilitated under this Scheme,” Union Finance & Corporate Affairs Minister Nirmala Sitharaman said. Finance Minister Nirmala Sitharaman further said, “More than 1 lakh women promoters have benefitted from this Scheme during its six years of operation. The Government understands the potential these rising entrepreneurs have in driving economic growth through their roles as not just wealth-creators but also job-creators.”
“As more and more beneficiaries from the underserved segments of entrepreneurs are targeted for coverage, we would make significant strides towards building an Atmanirbhar Bharat,” the Finance Minister added.
Stand-Up India
Stand-up India aims to promote entrepreneurship among women, Scheduled Castes (SC) and Scheduled Tribes (ST) categories, helping them to start a greenfield enterprise in manufacturing, services or the trading sector and activities allied to agriculture.
Stand-up India facilitates bank loans between Rs 10 lakh and Rs 1 crore to at least one SC/ST borrower and at least one female borrower per bank branch of scheduled commercial banks.
Achievements of Stand-Up India scheme
Rs 30,160 crores have been sanctioned under Stand Up India Scheme to 1,33,995 accounts upto 21.03.2022 since the inception of the Scheme.
Loan sanctioned category wise:
- SC – Rs 3,976.84 Cr
- ST – Rs 1,373.71 Cr
- Women – Rs 24,809.89 Cr
- Total – Rs 30,160.45 Cr
Why Stand-Up India?
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, endeavours to create an eco-system that 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 enterprises. 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).
Who all are eligible for a loan?
- SC/ST and/or women entrepreneurs, above 18 years of age;
- Loans under the scheme are available for only greenfield projects. Greenfield signifies; in this context, the first time venture of the beneficiary in manufacturing, services or the trading sector and activities allied to agriculture;
- In the case of non-individual enterprises, 51 per cent 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 envisages ‘upto 15 per cent’ margin money which can be provided in convergence with eligible Central/State schemes. While such schemes can be drawn upon for availing admissible subsidies or for meeting margin money requirements, in all cases, the borrower shall be required to bring in a minimum of 10 per cent of the project cost as own contribution.
