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Stand Up India Scheme to promote SC/ST and women entrepreneurs


 


Mumbai: January 6,2016

Union Cabinet, chaired by Prime Minister Narendra Modi, on January 6 approved the “Stand Up India Scheme” to promote entrepreneurship among SC/ST and Women entrepreneurs.

The Scheme will facilitate at least two such projects per bank branch, on an average one for each category of entrepreneur. It is expected to benefit at least 2.5 lakh borrowers over the next three years.

The Stand Up India Scheme provides for:

• Refinance through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs. 10,000 crore.

• Creation of a credit guarantee mechanism through the National Credit Guarantee Trustee Company (NCGTC).

• Handholding support for borrowers both at the pre loan stage and during operations.

The overall intent of the approval is to leverage the institutional credit structure to reach out to these under-served sectors of the population by facilitating bank loans repayable up to 7 years and between Rs. 10 lakh to Rs. 100 lakh for greenfield enterprises in the non farm sector . Margin money of the composite loan would be up to 25%.

The "Start up India Stand up India" initiative was announced by the PrimeMinister in his address to the nation on 15th August, 2015. The Stand up India component is anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ST and Women entrepreneurs.

 
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