The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the continuation of the Stand-Up India Scheme until March 2031. The scheme aims to aid entrepreneurship among women, Scheduled Castes (SCs), and Scheduled Tribes (STs).
The Union Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has given its approval for an extension of the Stand-Up India Scheme for a period of five years, ending on 31.03.2031. The objective of this scheme is to foster entrepreneurship within women, Scheduled Castes (SCs), and Scheduled Tribes (STs). Over the course of these five years, it aims to support an additional 2.5 lakh entrepreneurs. Since its inception in April 2016, the initiative has already provided loans to over 2.75 lakh women/SC/ST entrepreneurs.
The Stand-Up India Scheme offers several key features. It supports new and green field enterprises for women, SCs, and STs, providing financial assistance in the form of composite loans (combining working capital and term loan) or term loans up to 85% of the project cost, with amounts ranging between Rs.10 lakh and Rs.1 crore for term loans. The scheme covers a broad spectrum of activities including manufacturing, services, trading, and agri-allied activities.
Under the scheme, credit guarantee coverage is provided for 85% of the loan amount, with a standard guarantee fee of 0.50%. This initiative aims to improve credit access for women, SCs, and ST entrepreneurs, thereby encouraging enterprise creation and promoting entrepreneurship across underserved communities, thereby fostering inclusive economic growth.
Source:
Press Information Bureau
