80 percent loans under Stand-Up India Scheme sanctioned to women; More than Rs. 40,700 crores sanctioned
HY News
05 April, 2023 11:43 am IST
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Over 1.8 lakh women and entrepreneurs from the SC/ST categories have been sanctioned loans for more than Rs 40,600 crore under the Stand-Up India Scheme in the last seven years, the Union finance ministry said.
However, there is no data available to check the disbursements of these sanctioned loans. According to government data, 80 percent of the beneficiaries in the scheme were women.
According to government data, a total of 26,889 entrepreneurs under SC were sanctioned loans worth Rs 5,625.50 crore and 8,960 businesspersons under ST were sanctioned total loans worth Rs 1,932.50 crore since the scheme launched. Most of these loans were sanctioned to women entrepreneurs — Rs 33,152.43 crore to 1,44,787 women.
The Stand-Up India Scheme, which is the government's initiative for financing persons that fall under the SC/ST categories as well as women entrepreneurs, completed seven years on April 5.
Under the scheme, bank loans worth Rs 10 lakh to Rs 1 crore are offered to at least one borrower from the SC/ST categories and at least one woman borrower per bank branch of the scheduled commercial banks.
Loans under the Stand-Up India scheme are available for only green field projects — the beneficiary's first time venture in manufacturing, services or the trading sector and activities allied to agriculture.
In case of non-individual enterprises, 51 percent of the shareholding and controlling stake should be held by either SC/ST and/or a women entrepreneurs, to be eligible for the scheme.
Stand up India Scheme was launched on 5th April 2016 to promote entrepreneurship at grassroot level focusing on economic empowerment and job creation. This scheme has been extended up to the year 2025.
Recognising the challenges that energetic, enthusiastic, and aspiring SC, ST and women entrepreneurs may face many challenges in converting their dream to reality, Stand-Up India was launched to promote entrepreneurship amongst women, Scheduled Castes (SC) & Scheduled Tribes (ST) categories, to help them in starting a greenfield enterprise in manufacturing, services or the trading sector and activities allied to agriculture.
On the occasion, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said, “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.”
“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 said on the 7th anniversary of SUPI Scheme.
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