Why in News?
The Union Cabinet has approved the continuation of the Stand-Up India Scheme for five years, up to 31 March 2031. The scheme aims to provide financial assistance to an additional 2.5 lakh entrepreneurs during this period.
About the Scheme
- Launch: April 2016.
- Objective: Promote entrepreneurship among women, Scheduled Castes (SCs) and Scheduled Tribes (STs).
- Target: Support 2.5 lakh additional entrepreneurs over five years.
Key Features
- Loan Amount: Above ₹10 lakh and up to ₹1 crore.
- Loan Type: Composite loan (term loan plus working capital) or term loan.
- Project Cost: Loan support can cover up to 85% of the project cost.
- Eligible Sectors: Manufacturing, Services, Trading & Agriculture-allied activities.
- Credit Guarantee: Coverage of 85% of the loan amount.
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