Stand-Up India Scheme
Recently, the Union Cabinet has approved the continuation of the Stand-Up India Scheme for a period of 5 years upto 31.03.2031.
About Stand-Up India Scheme:
- It was launched on 5th April, 2016 to promote entrepreneurship among the Scheduled Castes/Scheduled Tribes and Women.
- Under the recent extension period, it aims to provide financial assistance to an additional 2.5 lakh entrepreneurs in a span of five years.
- It operates under the Ministry of Finance.
- Age Requirement: The applicant must be above 18 years of age.
- Features of the Scheme:
- Eligible borrowers: Women, SC and ST entrepreneurs for setting up new/greenfield enterprises
- Financial Support: The loan can be in the form of either Composite (Working Capital and Term Loan) or Term Loan for amounts above Rs.10.00 lakh and upto Rs.1.00 crore (upto 85% of the project cost).
- Eligible Sectors: Manufacturing, Services, Trading and Agri-allied activities.
- Credit Guarantee coverage: 85% of the loan amount
- Guarantee Fee: Standard guarantee fee of 0.50 %
Source: Cabinet approves Continuation of Stand-Up India Scheme