Stand up India scheme launched to provide financial aid to Scheduled Caste or Scheduled tribes (ST) from 10 lakh to 1 Crore at least one women borrower per bank branch. The enterprise may be in the Service sector, manufacturing sector, or maybe in trading sector, or any other Agri-allied services.
The Stand Up India scheme is revolutionizing the startup landscape with its innovative features aimed at fostering entrepreneurship and inclusivity. This groundbreaking initiative facilitates access to credit and support for women, Scheduled Castes (SCs), and Scheduled Tribes (STs) entrepreneurs, empowering them to realize their business aspirations.
Key features of the Stand Up India scheme include:
Credit Accessibility: Providing collateral-free loans ranging from Rs. 10 lakh to Rs. 1 crore to eligible entrepreneurs, thereby easing financial barriers. Dedicated Support: Ensuring handholding support and guidance through the entire business lifecycle, from inception to operation. The Stand Up India scheme exemplifies the government’s commitment to nurturing a dynamic startup ecosystem and promoting inclusive development. By fostering innovation and entrepreneurship among underrepresented groups, it is paving the way for a more vibrant and resilient economy in India.
Inclusive Approach: Focusing on empowering women and marginalized communities by encouraging their participation in economic activities. Technology Integration: Emphasizing the adoption of modern technologies and digital platforms to enhance operational efficiencies and scalability.
Impactful Results: Driving job creation, economic growth, and socio-economic empowerment across diverse sectors and regions. The Stand Up India, Scheme was launched by Prime Minister Shree Narendra Modi on 15th Apr 2016 as a part of Government efforts to promote entrepreneurship skills amongst the citizens of India. The scheme benefited a lot of Indian women and people of the SC/ ST category to develop their businesses and take this to the next level. Let us know about the key benefits of the Stand Up India Scheme.
Eligibility criteria : Stand Up India Scheme
SC/ST and/or woman entrepreneurs, above 18 years of age.
Enterprises may be manufacturing, services, trading, and Agri- allied services
In case of non-individuals, at least 51% of the shareholding or controlling stake should be held by either SC / ST or women entrepreneurs.
Stand-Up India is a scheme for financing SC/ ST /Women Entrepreneurs.
Nature of Loan : Stand Up India Scheme
Composite loan (inclusive of term loan and working capital) between 10 lakh and upto one Crore.
Purpose of Loan : Stand Up India Scheme
For setting up a new enterprise in manufacturing, trading or services sector by SC/ST/Women entrepreneur.
Size of Loan
Composite loan of 75% of the project cost inclusive of term loan and working capital. The stipulation of the loan being expected to cover 75% of the project cost would not apply if the borrower’s contribution along with convergence support from any other schemes exceeds 25% of the project cost.
Interest Rate
The rate of interest would be as per the extant interest rate circular of our Bank.
Security
Besides primary security, the loan may be secured by collateral security or guarantee of Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL) wherever applicable.
Repayment:
The loan is repayable in 7 years with a maximum moratorium period of 18 months.
Working Capital
The Scheme envisages 25% margin money which can be provided in convergence with eligible Central / State schemes. While such schemes can be drawn upon for availing admissible subsidies or for meeting margin money requirements, in all cases, the borrower shall be required to bring in minimum of 10% of the project cost as own contribution.
Application form
Click here for the application form for Stand-Up India
Click here for the checklist for Stand-Up India
One may apply through –
https://www.standupmitra.in
https://udyamimitra.in
https://clearsamachar.com/indiaai-mission-2024/
Overall, Stand Up India plays a crucial role in promoting inclusive growth by providing opportunities for entrepreneurship and self-employment among traditionally marginalized sections of society. By empowering individuals to become job creators rather than job seekers, the scheme aims to contribute to India’s socio-economic development.
Mission 10,000 Swavalambis
The mission 10,000 Swavalambis is a dream2enterprise initiative being implemented by LetsEndorse under SIDBI umbrella Mission Swavalamban. This mission carries a tag line One House one entrepreneur; through this scheme it provides multiple supports to new entrepreneur to kindle entrepreneurship culture in India.
Press release Stand Up India
To download the press release of stand up India, Government scheme, Click Here
to view the Indian Government schemes, click here
The Stand Up India scheme is revolutionizing the startup landscape with its innovative features aimed at fostering entrepreneurship and inclusivity. This groundbreaking initiative facilitates access to credit and support for women, Scheduled Castes (SCs), and Scheduled Tribes (STs) entrepreneurs, empowering them to realize their business aspirations.
Key features of the Stand Up India scheme include:
Credit Accessibility: Providing collateral-free loans ranging from Rs. 10 lakh to Rs. 1 crore to eligible entrepreneurs, thereby easing financial barriers.
Dedicated Support: Ensuring handholding support and guidance through the entire business lifecycle, from inception to operation.
Inclusive Approach: Focusing on empowering women and marginalized communities by encouraging their participation in economic activities.
Technology Integration: Emphasizing the adoption of modern technologies and digital platforms to enhance operational efficiencies and scalability.
Impactful Results: Driving job creation, economic growth, and socio-economic empowerment across diverse sectors and regions.
The Stand Up India scheme exemplifies the government’s commitment to nurturing a dynamic startup ecosystem and promoting inclusive development. By fostering innovation and entrepreneurship among underrepresented groups, it is paving the way for a more vibrant and resilient economy in India.
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