By India Blooms News Service Apr 06, 2023
New Delhi/IBNS: The government has sanctioned over Rs 40,600 cr in the last seven years under Stand-Up India (SUPI) Scheme aimed at promoting entrepreneurship at the grassroots level focusing on economic empowerment and job creation.
On the 7th anniversary of the SUPI Scheme, 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.
Stand Up India Scheme was launched on April 5, 2016, to help women, Scheduled Castes (SC) Scheduled Tribes (ST) category aspirants in starting a greenfield enterprise in manufacturing, services or the trading sector and activities allied to agriculture.
Sitharaman said the scheme has created an eco-system that 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.
Stand-Up India Scheme has proved to be an important milestone in promoting entrepreneurship among SC, ST and women, she said.
Speaking on the occasion, Minister of State for Finance Dr Bhagwat Kisanrao Karad said the SUPI Scheme is based on the third pillar of the National Mission for Financial Inclusion namely Funding the unfunded.
The scheme has ensured the availability of seamless credit flow from branches of Schedule Commercial Banks to SC/ST and women entrepreneurs. It has been instrumental in improving the standards of living for entrepreneurs, their employees and their families, he said.
Dr Karad said over 1.8 lakh entrepreneurs have benefitted from this scheme during the past seven years and that more than 80% of loans given under this scheme have been provided to women.
The scheme facilitates bank loans between Rs.10 lakh and Rs.100 lakh to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks.