Shoma Patnaik
Panaji
In an encouraging trend for entrepreneurship at grassroots level in the state, 932 scheduled caste, scheduled tribe as well as women entrepreneurs have benefitted from the Centre’s Standup India Scheme, under which loans running into Rs 210 crore have been sanctioned by banks as on March 31, this year.
Among the smaller states, Goa ranks among the top three in availing the scheme, according to details disclosed by the Union finance ministry.
The ministry said the scheme is important because it gives financial assistance for only greenfield (first time) business ventures and addresses the challenges faced by SC, ST and women borrowers in establishing their enterprises. Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha that the Standup India Scheme was launched on April 5, 2016, providing bank loans between Rs 10 lakh and Rs 1 crore to one ST, one SC, and one woman borrower per bank branch for setting up new ventures in trading, manufacturing, services and activities related to agriculture.
A total of 2,75,291 loan accounts amounting to Rs 62,791 crore, have been sanctioned under the scheme since inception to March 31, 2025.
Most of the borrowers under the scheme are for services related businesses, as per the statistics revealed by the ministry.
Small Industries Development Bank of India is the nodal agency for the scheme.
To be eligible for loans, borrowers must be above 18 years, and the enterprise controlling stake (51 per cent) must be held by either, ST, SC or a woman borrower.
Among large states Uttar Pradesh, Tamil Nadu, and Maharashtra, top in the number of beneficiaries, while among smaller states it is Nagaland, Goa and Mizoram, which have the highest number of beneficiaries.
Loans under the scheme are at low interest rates (not more than base rate plus 3 per cent and the tenor premium). The repayment is over a period of seven years with a maximum moratorium of 18 months.
