The government has sanctioned loans to the tune of Rs. 30,160 crore under the ‘Stand Up India Scheme’ to about 133,995 accounts said Union Finance & Corporate Affairs Minister, Nirmala Sitharaman.

The scheme was launched by the centre on 5th April 2016 to promote entrepreneurship at the grass root level focusing on economic empowerment and job creation.

Scheme extended

“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,” said Mrs. Sitharaman.

In 2019-20, the Stand Up India scheme was extended for the entire period coinciding with the 15th Finance Commission period of 2020-25.

“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,” added Mrs. Sitharaman.

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 trading sector and activities allied to agriculture.

Under the scheme, a loan worth between Rs.10 lakh and Rs.1 crore to at least one SC/ ST borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks.

To extend collateral-free coverage, the government has set up the Credit Guarantee Fund for Stand Up India (CGFSI).