Almost five years after its launch, the Stand-up India program has seen loans sanctioned by banks totaling 25,586 crore on more than 1,14,322 accounts, the finance ministry said on Sunday.
This device was launched on April 5, 2016 to promote entrepreneurship among women, Scheduled Castes and Scheduled Tribes category.
While the total loans to women amounted to 21,200.77 crore (93,034 accounts); sanctioned loans to SCs stood at 3,335.87 crore (16,258 accounts) and STs at 1,049.72 crore (4,970 accounts), according to an official statement.
The main objective of the Stand-up India program – which is now extended until 2025 – is to provide loans for the creation of entirely new businesses in manufacturing, services or trade and related activities. agriculture by loan and trainee borrowers.
This program facilitates bank loans between ₹ 10 lakhs and ₹ 1 crore to at least one scheduled caste / tribe borrower and at least one female borrower per bank branch of scheduled commercial banks.
Loans under this program are only available for completely new projects. Greenfield means, in this context, the beneficiary’s first enterprise in manufacturing, services or trade and activities related to agriculture.