Stand Up India Scheme: Who can benefit from a loan under this program?
Under the Stand Up India program, the government has allocated Rs 25,586 crore to provide easy financing for Dalit and women entrepreneurs. There is a massive group of potential entrepreneurs, especially women and members of Listed Castes (SC) and Listed Tribes (ST), who are keen to start their own businesses that will allow them to develop and prosper. Such entrepreneurs can be found all over the country and they are full of ideas on what they can do for themselves and their families.
Ambitious young SC, ST and female entrepreneurs are energetic and enthusiastic, but they may face obstacles in making their dreams come true. Recognizing these issues, the Stand Up India program was launched on April 5, 2016, with the aim of promoting entrepreneurship at the local level with a focus on economic empowerment and job creation. This program has been extended until 2025.
What is the Stand Up India program?
The objective of Stand-Up India is to facilitate the growth of Women, Listed Castes (SC) and Listed Tribes (ST) by helping loan and training borrowers to start a new business in the sectors of commerce, manufacturing and services.
The mission of Stand-Up India is to:
Encourage SC and ST women to start businesses.
Provide loans to loan and training borrowers for the creation of new businesses in the manufacturing, service or trade sectors, as well as for activities related to agriculture. click here to view https://bridgepayday.com/’s pricing information
Facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one listed caste / tribe borrower and at least one female borrower per scheduled commercial bank branch.
Why choose Stand-Up India?
The Stand-Up India program is based on an understanding of the difficulties faced by SC, ST and women entrepreneurs in starting businesses, obtaining loans and other forms of support that may be needed from time to time to run a successful business. . . As a result, the program aims to create an ecosystem that facilitates and continues to provide a favorable business environment.
Borrowers will be able to obtain loans from bank branches to help them start their own businesses under this program. The program, which applies to all branches of planned commercial banks, can be accessed in three ways:
- Directly to the agency or,
- Via the Stand-Up India portal (www.standupmitra.in) or,
- Through the District Manager (LDM).
Who are all eligible for a loan under Stand Up India?
- SC / ST and / or women entrepreneurs over 18 years old.
- Only greenfield projects are eligible for loans from the system. The green field designates the beneficiary’s first business in the manufacturing, service or trade sectors, as well as activities related to agriculture.
- SC / ST and / or women entrepreneurs should own 51% of the shareholding and control of non-individual companies.
- Borrowers should never default on a loan from a bank or financial institution.
Since its inception, the Stand Up India program has sanctioned Rs. 25,586 crore to over 1.14,322 accounts, totaling Rs. 25,586 crore.