SME Times News Bureau | 07 May, 2016
The central government has Friday said that the Stand-up India Scheme will benefit 2.5 lakh Scheduled Caste/Scheduled Tribe members and women entrepreneurs in micro, small and medium enterprise (MSME) sector.
"The scheme envisages extending bank loans between Rs.10 lakh and Rs.1 crore for setting up greenfield enterprises by SC/ST and women entrepreneurs," Minister of State for Finance Jayant Sinha said in a written reply in the Lok Sabha.
The scheme was launched by Prime Minister Narendra Modi on April 5 this year.
"The scheme is being implemented through all scheduled commercial banks. Each bank branch is to extend loans to at least one SC/ST and one women entrepreneur. Enterprises covered under the scheme may be in manufacturing, services or the trading sector," Sinha said.
While loans are to be extended by banks, a credit guarantee fund of Rs.5,000 crore for providing guarantee cover for such loans has been approved. Provision of initial capital of Rs.500 crore to the corpus in 2016-17 has been made, he said.
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