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SIDBI's Standup Mitra Portal set up under GOI's Stand-Up India scheme reaches over 96,000 loan sanctions

Posted On: 2020-10-27 06:19:21 (Time Zone: Arizona, USA)

The Standup Mitra Portal, which was set up by Small Industries Development Bank of India (SIDBI) under guidance of Department of Financial Services, Ministry of Finance, to pioneer national mission of Stand-Up India, has successfully recorded more than 96,000 loan sanctions worth more than Rs. 21,000 crore as on September 30, 2020. The portal was launched in April 2016 to extend online financial assistance to the unserved and underserved segment of the society without the need of visiting any bank branch and apply for loan online under the Stand-Up India Scheme. The Stand-Up India scheme targets at ensuring access to unserved/underserved segments of women and Scheduled Caste (SC)& Schedule Tribes(ST) pan India basis by providing them financial assistance starting from Rs.10 lakh to Rs.1 crore for setting up of greenfield (new) enterprises.

For easing various credit and handholding access aspects of aspirant helps entrepreneurs intending to apply for loan(1.25 lakh+ bank branches), seek handholding support (from 8,000+ active handholding agencies) and look for credible information, portal has been with them. The scheme has since been extended upto year 2025by Government of India (GoI).

Shri V. Satya Venkata Rao, Deputy Managing Director of SIDBI said, "One of the major functions of SIDBI has always been strengthening the Micro, Small & Medium Enterprises' (MSMEs) ecosystem through implementation of various GOI schemes with special thrust on digitizing access. We are happy that nearly a lakh of aspirants have opted to set up their new enterprises under Stand-Up India. In order to give further fillip to pockets/segments which are left out, we invite aspirants to look at this scheme for realizing their dreams. We are undertaking steps such as supporting Swavalamban Sankalp through Dalit Indian Chamber of Commerce and Industry (DICCI), which represents mainstreaming mission of SC/ST segments. Through the portal, we also look forward to deepen the mission of equitable outreach to all segments and regions in the country looking for making Swavalamban their preferred vocation."

To give fillip to Stand-Up India Scheme, SIDBI in collaboration with DICCI has launched Nationwide Mega Campaign viz. "Swavalamban Sankalp". Due to COVID-19 pandemic, a web-series of the programs is being scheduled pan India shortly. Shri Milind Kamble, Chairman, DICCI said,"Swavalamban Sankalp is the outreach campaign for Hon'ble Prime Minister's Flagship program to create 1.25 lakh SC/ST entrepreneurs through Stand-Up India scheme. It shall leverage the 'Atma Nirbhar Bharat Abhiyan'. SIDBI & DICCI shall reach out to aspirant SC/ST youth across India to handhold them in becoming entrepreneurs and shall complete the target of creating 1.25 lakh entrepreneurs in the stipulated time. DICCI is the pioneering industry chamber which is working towards development of SC/ST entrepreneurship in the country. With a vision to strengthen the Stand-Up India ecosystem, through Swavalamban Sankalp, the synergy of DICCI and SIDBI shall extensively expand the outreach to the aspirational needs of SC/ST youth and entrepreneurs."

Source: Equity Bulls

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