More than Rs 30,160 crore loans have been sanctioned to over 1,33,995 accounts in the last six years under Stand-up India scheme that seeks to provide financial support to Scheduled Castes (SCs), Scheduled Tribes (STs) and women entrepreneurs in setting up enterprises, the Union Finance Ministry said on Tuesday.
"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," Finance Minister Nirmala Sitharaman was quoted as saying in a statement released by the Finance Ministry.
Recognizing the challenges faced by aspiring SC, ST and women entrepreneurs, Stand-up India scheme was launched on 5th April 2016 to promote entrepreneurship at grassroots level focusing on economic empowerment and job creation.
In 2019-20, the Stand-Up India scheme was extended for the entire period coinciding with the 15th Finance Commission period of 2020-25.
"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," Sitharaman said.
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 manufacturing, services or the trading sector and activities allied to agriculture.
In order to provide collateral-free loans to eligible beneficiaries, the Government of India has set up the Credit Guarantee Fund for Stand Up India (CGFSI).
Apart from providing credit facilities, Stand-up India scheme also envisages extending handholding support to potential borrowers. It also provides for convergence with Central/State Government schemes.
(With inputs from ANI)