Speed Post News Network
New Delhi : India is growing rapidly. Hopes, Aspirations and Expectations are rising. There is a large group of potential entrepreneurs particularly women, Scheduled Caste (SC), and Scheduled Tribes (ST), who want to set up an enterprise of their own which allows them to grow. Such entrepreneurs are spread across country and are bubbling with ideas on what they can do for themselves and their families.
Aspiring SC, ST and women entrepreneurs are energetic and enthusiastic but may face challenges in converting their dream into reality. Recognising these challenges, Stand up India Scheme was launched on April 5, 2016, to promote entrepreneurship at grassroot level focusing on economic empowerment and job creation. This scheme has been extended up to the year 2025, according to a PIB release.
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 trading, manufacturing and services sector, by both ready and trainee borrowers.
The purpose of Stand-Up India is to:
- promote entrepreneurship amongst women, SC & ST category.
- Provide loans for setting up greenfield enterprises in manufacturing, services or the trading sector & activities allied to agriculture by both ready and trainee borrowers
- facilitate bank loans between Rs 10 lakh to Rs 1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks
- 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 green field projects. Green field signifies, in this context, the first time venture of the beneficiary in the manufacturing, services or the trading sector & activities allied to agriculture
- In case of non-individual enterprises, 51% 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.
- Achievements of this Scheme as on 23.03.2021
- Rs 25,586 crore has been sanctioned under Stand Up India Scheme to over 1,14,322 accounts up to March 23, 2021, since inception of the Scheme.