Stand-Up India: 7 Years, Rs 40,700 Cr Sanctioned, 1.8 Lakh Beneficiaries
Stand-Up India Scheme has provided crucial support to over 1,80,630 entrepreneurs from the SC, ST and women categories, granting over ₹40,700 crore in loans over the past 7 years.
Wednesday April 05, 2023,
2 min Read
In the past seven years, the Stand-Up India Scheme has provided over Rs. 40,700 crore in loans to more than 1.8 lakh entrepreneurs from Scheduled Castes (SC), Scheduled Tribes (ST), and Women. Finance Minister Smt. Nirmala Sitharaman praised the initiative, highlighting its importance in fostering entrepreneurship within these communities. The program has contributed significantly to improving living standards for entrepreneurs, their employees, and their families, according to MoS Finance Dr. Bhagwat Kisanrao Karad.
Launched on April 5th, 2016, the Stand-Up India Scheme aims to promote grassroots entrepreneurship by focusing on economic empowerment and job creation. The program has now been extended until 2025. It supports greenfield enterprises in the manufacturing, services, trading sectors, and activities related to agriculture by facilitating access to loans from bank branches of all Scheduled Commercial Banks.
The Finance Minister expressed pride in the fact that over 80% of loans under the scheme have been granted to Women, highlighting the immense potential entrepreneurs hold in driving economic growth and job creation. Dr. Karad noted the program's success in "funding the unfunded," providing seamless credit flow to SC, ST, and Women entrepreneurs, and positively impacting their lives.
The Stand-Up India Scheme offers various features and achievements, including promoting entrepreneurship among Women, SC, and ST categories; providing loans for greenfield enterprises; and facilitating bank loans between Rs. 10 lakh and Rs. 100 lakh to at least one SC/ST borrower and one woman borrower per bank branch.
The initiative addresses the unique challenges faced by SC, ST, and Women entrepreneurs while offering a supportive environment to help them succeed. Eligible applicants can apply for loans directly at bank branches, through the Stand-Up India Portal, or via the Lead District Manager. To qualify for a loan, applicants must be SC/ST and/or Women entrepreneurs over 18 years old, not be in default with any bank or financial institution, and provide at least 10% of the project cost as their own contribution.
The online portal www.standupmitra.in, developed by the Small Industries Development Bank of India (SIDBI), offers guidance for prospective entrepreneurs, from training to loan application assistance. With a network of over 8,000 Hand Holding Agencies, the portal connects borrowers to various agencies offering specialized support, such as Skilling Centers, Mentorship Support, Entrepreneurship Development Program Centers, and District Industries Centers.
As of March 21, 2023, the Stand-Up India Scheme has sanctioned Rs. 40,710 crore to 180,636 accounts since its inception.