Centre extends Rs.40,700-cr support
The scheme, launched in 2016 and extended till 2025, supports all bank branches in extending loans to borrowers from SC, ST and women in setting up their own Greenfield enterprises
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, said Finance Minister Nirmala Sitharaman
New Delhi: To promote entrepreneurship at the grass root level, banks have sanctioned more than Rs40,700 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”.