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More than one crore beneficiaries have been given loans under Stand Up India scheme
The Stand Up India scheme, which was announced by the Centre on April 5, 2016 for providing financial support to green field enterprises, has disbursed loans to more than one lakh beneficiaries till June 28, 2021 worth Rs 26,000 crore, since its inception.
According to official figures, a total of 1,16,266 persons have been given loans worth Rs 26,204 crore since the Stand Up India scheme came into existence five years back.
The scheme has now been extended till 2025 and in order to incentivise greater number of new businesses, the margin money requirement for loans under the scheme was also reduced from 25 per cent to 15 per cent. This was announced in the Union Budget for 2021-22.
Under this scheme, for setting up a green field enterprise, loans from scheduled commercial banks worth between Rs 10 lakh and Rs 1 crore are disbursed to at least one Scheduled Caste or Scheduled Tribe borrower and one woman borrower per bank branch.
The Government encourages green field projects especially in the sectors of manufacturing, services and trading. However it does not allocate funds for loans under the scheme.
Loans under the scheme are extended by banks as per commercial parameters, However an amount of Rs 500 crore each was released by the Centre in 2016-17 and 2017-18 as well as Rs 100 crore in 2020-21 towards the corpus of Credit Guarantee Fund for Stand Up India.
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