Stand-Up India Scheme is to facilitate people by providing them the Bank Loans ranging from minimum 10 Lakhs to maximum 1 Crore to at least one Schedule Cast or Schedule Tribe or Women borrower per bank branch to set up a greenfield enterprise.
The Stand-Up India Scheme was initiated on April 5, 2016, by the Prime Minister of India Shri Narendra Modi. The scheme has been handled under by the ‘Department of Financial Services’ (DFS). The scheme has been introduced by the government after learning about the challenges and problems faced by the Schedule Cast, Schedule Tribe, and Women Entrepreneur while establishing a new business and looking for loan approval and other support services to the maintain the business.
As per the reports, the total of 1.25 Lakh Branches of the Bank will benefit at least 2.5 lakh borrowers with this scheme. All the processes involved in this scheme are conducted by SIDBI along with Dalit Indian Chamber of Commerce and Industry (DICCI) as well as other sectors in India. However, the offices of National Bank for Agricultural and Rural Development (NABARD) and Small Industrial Development Bank of India (SIDBI) will function as the authorized ‘Stand Up Connect Centers’ (SUCC).
Loans can be approved to those budding entrepreneurs who are above the age of 18 years and are the first time venture of the beneficiary in the manufacturing or trading sector or services. If the applicant for the loan is not the sole owner of the business, then the applicant i.e. the SC or SC or Women Entrepreneur should have the shareholding of a minimum 51%.
The sole aim of introducing the Stand Up India Scheme is to extend a helping hand in the form of financial assistance to those neglected people of society like the Schedule Caste, Schedule Tribe, and Women Entrepreneurs. This support helps them to provide a background and help to develop their business and gain a reputation in society.
