To promote entrepreneurship at the grass root level, banks have sanctioned more than Rs 40,700 crore to over 1.80 lakh beneficiaries under Stand-Up India Scheme in seven years.
Stand up India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, has been extended up to 2025.
The scheme aims to encourage all bank branches in extending loans to borrowers from SC, ST and women in setting up their own greenfield enterprises.
Recognising the challenges that energetic, enthusiastic, and aspiring SC, ST and women entrepreneurs may face in converting their dream to reality, Stand-Up India was launched to promote entrepreneurship amongst these targetted segments to help them in starting a greenfield enterprise in manufacturing, services or the trading sector and activities allied to agriculture.
On the occasion, Finance Minister 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, she said.
Stand-Up India Scheme has proved to be an important milestone in promoting entrepreneurship among SC, ST and women, she said.
Sitharaman said that Stand-up India Scheme has touched numerous lives by ensuring access to hassle-free affordable credit to the unserved/underserved segment of entrepreneurs.
The scheme has provided wings to aspiring entrepreneurs to showcase their entrepreneurial acumen and the potential entrepreneurs hold in driving economic growth and building a strong ecosystem by being job creators is immense, she said.
Speaking on the occasion Minister of State for Finance Bhagwat Kisanrao Karad said, "Stand-up India scheme is based on the third pillar of National Mission for Financial Inclusion namely 'Funding the unfunded'.
The scheme has ensured availability of seamless credit flow from branches of Scheduled Commercial Banks to SC/ST and women entrepreneurs, he said, adding, Scheme has been instrumental in improving the standards of living for entrepreneurs, their employees and their families.
Apart from linking prospective borrowers to banks for loans, the online portal standupmitra.in developed by Small Industries Development Bank of India (SIDBI) for Stand Up India Scheme is also providing guidance to prospective entrepreneurs in their endeavour to set up business enterprises, it said.
Through a network of more than 8,000 Hand Holding Agencies, this portal facilitates step by step guidance for connecting prospective borrowers to various agencies with specific expertise viz. Skilling Centres, Mentorship support, Entrepreneurship Development Program Centres, District Industries Centre, together with addresses and contact number, it added.
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