The Stand Up India Scheme provides financial assistance to SC/ST and women entrepreneurs for setting up greenfield projects. It facilitates bank loans starting from Rs. 10 Lakh to Rs. 1 Crore. The loan amount is accessible to at least one SC/ST or one woman entrepreneur per bank branch for the initiation of such projects.
A greenfield project is where the new infrastructure will be built on unused lands requiring no demolition or remodeling of a previously existing structure.
The Standup India Scheme is available for first-time ventures in the fields of manufacturing, services or trading. It will also facilitate non-individual enterprises where at least 51% of the shareholding is held by an SC/ST or a woman entrepreneur.
The Stand Up India loan amount will cover 75% of the total project cost. The entrepreneur is expected to commit at least 10% of the project costs as per the Stand Up India loan Scheme.
This Stand Up Scheme will be provided via the banks. This Stand Up Loan will require a collateral or a CGFSIL (Credit Guarantee Fund Scheme for Stand Up India Loans), as per the lender’s discretion.
Advances under this scheme are extremely beneficial. Alternatively, you can also opt for unsecured loans for MSMEs from Bajaj Finserv offering capital up to Rs. 30 Lakh. As an entrepreneur, you can use these loans for investing in machinery & equipment, initiating your raw material supply chain or to even give a boost to your working capital.
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