According to official data, the 'Stand-Up India' scheme sanctioned loans worth INR 5K Cr to women and SC/ST entrepreneurs during the financial year 2021-22.
According to the Stand-Up Mitra portal and the Department of Financial Services, as of March 31, 2022, about 1.3 lakh applications totaling INR 30,160 Cr had been sanctioned, compared to over 1.11 lakh applications totaling INR 25K Cr sanctioned until March last year.
According to a press release, INR 24,809.89 crore was sanctioned to 1,08,250 women entrepreneurs, while INR 3,976.84 crore was sanctioned to 19,310 SC borrowers, and INR 1,373.71 crore was sanctioned to ST borrowers.
According to the latest data from the Stand-Up India platform, the total applications have reached 1.35 lakh, comprising a loan of INR 30,514 crore as of May 9, 2022. In total, 80 lenders have joined the scheme. Since the scheme began, over 1.55 lakh applications have been received.
Prime Minister Narendra Modi launched the Stand-Up India scheme on April 5, 2016, to provide credit support to women and scheduled caste (SC) and scheduled tribe (ST) entrepreneurs who are starting new businesses.
In a statement released in March 2022, Finance Minister Nirmala Sitharaman remarked, “As we commemorate the sixth anniversary of the Stand-Up India scheme … more than 1.33 Lakh new job-creators and entrepreneurs have so far been facilitated under this scheme."
During the scheme's six years of operation, more than 1 lakh women promoters have benefited, she added.
According to the scheme, credit ranges from INR 10 lakh to INR 1 crore for at least one SC/ST borrower and at least one woman borrower per scheduled commercial bank branch.
According to the FM, women-owned businesses have benefited the most from the scheme, with 81 percent of loan accounts belonging to women and sanctioned amounts totaling approximately INR 21,000 crore.
The Stand-Up India scheme was created in response to the difficulties faced by SC, ST, and women entrepreneurs in establishing businesses, receiving loans, and other forms of support that they may require from time to time in order to thrive.
Borrowers would be able to get loans from bank branches to help them start their own business under the scheme. The scheme, which applies to all Scheduled Commercial Bank branches, will be available in three ways: directly at the branch, through the Stand-Up India portal, or through the Lead District Manager.
Meanwhile, a report released on March 8, 2022 by the International Finance Corporation (IFC) and Intellecap – the impact investment arm of Aavishkaar Group – estimated that women-owned very small businesses in India require INR 83,600 crore in credit, highlighting the need for strong support from financial institutions.
In India, around 15 million women-owned MSMEs confront problems such as a lack of money, technology, and information, as well as infrastructure shortages, it said.
