NewzVille Desk
The Union Cabinet, chaired by the Prime Minister Narendra Modi, today has approved thecontinuation of Stand-Up India Scheme for a period of 5 years upto 31.03.2031. The scheme aims to promote entrepreneurship among Women, Scheduled Castes (SCs) and Scheduled Tribes (STs) and aims to provide financial assistance to additional 2.5 lakh entrepreneurs in a span of five years. Since its launch in April 2016, the scheme has facilitated loans to more than 2.75 lakh Women/SC/ST entrepreneurs.
Salient features of the scheme:
- Eligible borrowers: Women, SC and ST entrepreneurs for setting up new/green field enterprises
- Quantum of 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 %
