Under the Stand Up India programme, the government has allocated Rs 25,586 crore to provide easy funding to Dalit and female entrepreneurs. There is a massive group of potential entrepreneurs, particularly women and Scheduled Caste (SC) and Scheduled Tribes (ST) people, who want to start their own business that will allow them to grow and thrive. Such entrepreneurs can be found all over the country, and they are brimming with ideas for what they can do for themselves and their families.
Ambitious young SC, ST, and female entrepreneurs are energised and enthusiastic, but they may face obstacles in making their dreams a reality. Acknowledging these issues, the Stand Up India Scheme was launched on April 5, 2016, with the goal of promoting entrepreneurship at the grassroots level with a focus on economic empowerment and job creation. This programme has been extended through 2025.
What is Stand Up India Scheme?
The goal of Stand-Up India is to facilitate growth among women, Scheduled Castes (SC), and Scheduled Tribes (ST) by assisting ready and trainee borrowers in starting a greenfield enterprise in trading, manufacturing, and services sectors.
Stand-Up India's mission is to:
Encourage SC & ST women to start businesses.
Provide loans to both ready and trainee borrowers for the establishment of greenfield enterprises in manufacturing, services, or trading, as well as activities related to agriculture.
Facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per Scheduled Commercial Bank branch.
Why one should opt for Stand-Up India?
The Stand-Up India scheme is based on an understanding of the difficulties faced by SC, ST, and women entrepreneurs in establishing businesses, acquiring loans, and other forms of support that may be required from time to time in order to run a successful business. As a result, the scheme aims to create an eco-system that facilitates and continues to provide a favourable business environment.
Borrowers will be able to get loans from bank branches to help them start their own business under the scheme. The scheme, which applies to all Scheduled Commercial Bank branches, can be accessed in three ways:
- Directly at the branch or,
- Through Stand-Up India Portal (www.standupmitra.in) or,
- Through the Lead District Manager (LDM).
Who all are eligible for a loan under Stand Up India?
- SC/ST and/or female entrepreneurs over the age of 18.
- Only greenfield projects are eligible for the scheme's loans. Green field refers to the beneficiary's first venture in the manufacturing, services, or trading sectors, as well as activities related to agriculture.
- SC/ST and/or Women Entrepreneurs should hold 51% of the shareholding and controlling stake in non-individual enterprises.
- Borrowers should never default on a loan with a bank or financial institution.
Since its inception, the Stand Up India Scheme has sanctioned Rs. 25,586 crore to over 1,14,322 accounts, totaling Rs. 25,586 crore.