Credit and Finance for MSMEs: Over 23,000 crore mortgage purposes involving round Rs 5,000 crore have been sanctioned through the monetary yr 2021-22 to ladies and SC/ST entrepreneurs beneath the federal government’s Stand Up India scheme. According to the information from the Standup Mitra portal and the Department of Financial Services (Finance Ministry), near 1.35 lakh purposes amounting to round Rs 30,200 crore have been sanctioned as of March 31, 2022, compared to over 1.11 lakh purposes involving Rs 25,000 crore sanctioned as of March final yr.
Launched by Prime Minister Narendra Modi on April 5, 2016, Stand Up India presents credit score assist to ladies and SC/ST entrepreneurs in organising greenfield enterprises. The credit score ranges from Rs 10 lakh to Rs 1 crore to at the very least one SC/ST borrower and at the very least one girl borrower per financial institution department of scheduled industrial banks.
However, the bulk beneficiaries of the scheme have been women-owned enterprises. Finance Minister Nirmala Sitharaman in a tweet to commemorate the sixth anniversary of the scheme in April had mentioned round 81 per cent of the mortgage accounts belonged to ladies, with sanctioned quantities standing at almost Rs 21,000 crore. Till March 21, 2022, Rs 30,160 crore was sanctioned to 133,995 entrepreneurs, of which Rs 24,809.89 crore was sanctioned to 1,08,250 ladies entrepreneurs, whereas Rs 3,976.84 crore was sanctioned to 19,310 SC debtors, and Rs 1,373.71 crore to ST debtors.
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As of May 8, 2022, the entire purposes had elevated to 1.35 lakh involving Rs 30,511 crore. The scheme has total 80 lenders onboard. The whole purposes obtained for the reason that starting of the scheme have been almost 1.55 lakh, in response to the newest knowledge.
The whole estimated credit score hole amongst women-owned very small companies (WVSEs) is price Rs 83,600 crore, a report by International Finance Corporation (IFC) and Intellecap – the advisory arm of influence funding agency Aavishkaar Group had mentioned in March this yr. The present rely of such women-led items is round 15 million that face challenges equivalent to insufficient entry to capital, know-how and data, and infrastructure gaps.
Source: www.financialexpress.com”