As per the Finance Ministry reports, Rs 25,586 crore has been sanctioned through the Stand Up India scheme till March 23. The Center has provided this fund to the youngsters and women of the country through 1,14,322 accounts. This is the amount spent since the scheme’s launch on April 5, 2016. Stand Up India is a Central Government scheme that provides bank loans ranging from Rs. 10 lakhs to Rs. 1 crore to SC, ST categories and women entrepreneurs.
Women entrepreneurs have been the biggest beneficiaries of the scheme. Rs 21,200 crore was sanctioned for 93,094 applicants.
About Rs3,335 crore was allotted for 16,258 applications received from SC entrepreneurs. Meanwhile, ST entrepreneurs received Rs 1,049 crore-worth assistance. There were 4,970 applicants.
The last year witnessed the number of accounts and the amount sanctioned increasing 25.2 per cent and 25 per cent respectively. The margin on loans under the scheme has been reduced from 25 per cent to 15 per cent. This was after Finance Minister Nirmala Sitharaman announced the budget. Besides, activities related to the agricultural sector also got included in the plan. Brought together more than three hundred financial institutions. The money was disbursed through 1.5 lakh branches.
Stand Up India is a scheme designed for SC, ST and women entrepreneurs to start their enterprises and get the loan and other supports from time to time. Learn more about the project from Bank Branch or SIDBI’s Stand Up India Portal, www.standupmitra.in
Assistance will be provided to start new businesses in the fields of manufacturing, services, agriculture and trade. The repayment period is seven years. A moratorium of a maximum of eighteen months will be granted.
