Stand Up India is a government loan scheme specially designed for women and SC/ST entrepreneurs. The business loan scheme provides financial assistance for Greenfield projects, ranging from Rs. 10 lakhs to Rs. 1 crore. It is a government scheme that aims to help women entrepreneurs and business owners from the SC/ST community.
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Essentially, it should be the first business venture of the business owner and must be in the manufacturing, trading, or servicing sector. These business loans are sanctioned by the scheduled commercial banks against collateral security from the borrower or Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL).
In order to be eligible for a Stand-Up loan scheme, the borrower needs to meet the following criteria:
The minimum and maximum loan amount under Stand-Up India is Rs. 10 lakhs and Rs. 1 crore respectively. A borrower can apply for a Stand Up India loan by registering himself at the SIDBI’s Stand-Up India website and submitting the Stand-Up India application form online on the same portal.
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Who are eligible for Stand Up India scheme?
The applicant must be aged above 18 years. Only greenfield projects can apply for the loan scheme. Non-individuals, such as existing firms and businesses, can also apply for the scheme. 51% of the shareholding and controlling stakes of the firm must be held by either SC/ST and/or women entrepreneurs.
How much loan is provided in the Stand Up India scheme?
Stand-Up India Scheme Facilitates bank loans between 10 lakh and 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.
Who finances Stand Up India?
Small Industries Development Bank of India (SIDBI) finances Stand Up India scheme.
What are the documents required for Stand Up India loan?
Following are the documents required to avail Stand Up India loan: 1) Identity Proof 2) Address Proof 3) Memorandum of Articles of the Association of the Company 4) Partnership deed in the case of a partnership firm
Is there any subsidy in Stand-Up India scheme?
The stipend per trainee for the skill development programmes will be limited to Rs. 1000/- per month and in the case of training programs of less than one-month duration, a stipend will be disbursed on a pro-rata basis.
How do I avail the Stand-Up India scheme?
Step 1: Visit the Stand-Up India portal at www.standupmitra.in to understand the scheme details better. Step 2: Click on the 'Register' button and answer a set of questions prompted. Step 3: Based on your response, you will be categorised either as Trainee Borrower or Ready Borrower.
