The Stand Up India scheme was launched in 2016 by the government to facilitate credit between Rs 10 lakh and Rs 1 crore to at least one SC or ST borrower and at least one woman borrower per bank branch for setting up a greenfield (first-time venture) enterprise in manufacturing, services, agri-allied activities or the trading sector.
The scheme has received 2.69 lakh applications so far, of which 2.46 lakh applications involving Rs 55,764 crore have been sanctioned. According to the data shared by the Minister of State in the Ministry of Finance Pankaj Chaudhary on August 5, 2024, in a written reply to a question in the Lok Sabha, 39,643 loans were sanctioned in FY24 and 17,374 were disbursed in comparison to 39,907 loans sanctioned and 19,872 sanctioned in FY23.
Till June of the current year, 7,152 loans were sanctioned and 2,743 were disbursed.
Here’s how a business can apply for the scheme:
- Visit standupmitra.in and click on ‘Apply Here’ under ‘You May Access Loans’
- Select whether you are a new entrepreneur, existing entrepreneur or a self-employed professional and enter your name, email ID and mobile number
- Click on Generate OTP to login
- Enter personal details, professional details (nature of business, area of interest, any previous loan taken, etc)
- Click on ‘Save’ and submit the details
- Click on ‘Apply Now’ under ‘Loan Application Center’
- You may also click on Handholding agencies’ to get help with form filling, verification, training etc.; ‘Loan enquiry’ for enquiry on loans, government schemes etc., or ‘Knowledge Center’ to know more about entrepreneurship programmes and government schemes
- Click on ‘New Application’
- Fill the form and submit it
- Your bank will reach out to you for subsequent formalities
- You may also apply directly at your bank branch or through your ‘Lead District Manager’. The list of lead district manager of your region is available on Standup mitra portal