New Delhi, Jan.6 (ANI): The government has established Credit Guarantee Fund for the ‘Stand Up India’ Scheme to promote entrepreneurship among SC, ST and women entrepreneurs.
The decision was taken by the union cabinet on Wednesday in this regard.
Addressing media persons here, Finance Minister Arun Jaitley said, “Under the scheme, every branch of every bank will fund at least two persons, one in SC, ST category and another women entrepreneurship. Start Up India is intended for new entrepreneurs, and Stand Up India is a proposal restricted to SC, ST and women entrepreneurs.”
He added that for setting up Greenfield projects the beneficiary will get the loan from Rs 10 lakh to Rs. one crore.
Under the scheme, around 2.5 lakh borrowers are expected to be benefited. The loan under the scheme would be appropriately secured and backed by a credit guarantee for which Department of Financial Services would be the settler and National Credit Guarantee Trustee Company Ltd. NCGTC would be the operating agency.
The ‘Start up India Stand up India ‘initiative was announced by Prime Minister Narendra Modi in his address to the nation on 15th August, last year. (ANI)