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Empowering India: A Comprehensive Guide to the Stand Up India Scheme

TeamAckoOct 23, 2023

For a long time marginalised communities have been kept aside from the ways of earning a living. The Stand Up India Scheme was hence created for these communities to be able to in fact stand up for themselves. In this article, we understand better how one can navigate through. A road map to empowerment!

Contents

What is Stand Up India Scheme?
The Three Pillars of Stand Up India
Stand-Up India Scheme Eligibility
Financial Assistance under the Stand Up India Scheme
The Role of Banks in the Stand Up India Scheme
Stand-Up India Scheme Support Services
Expanding Horizons: The Future of the Stand Up India Scheme
Wrapping up
Frequently Asked Questions(FAQs)

What is Stand Up India Scheme?

We’ll begin by understanding what the Stand Up India Scheme is all about:

The scheme's objective is to empower individuals from marginalised communities, particularly women and SC/ST entrepreneurs, by providing them with the necessary financial support (of 10 Lakhs to 1 Crore) and guidance to start a greenfield project–this may be in manufacturing, agri-allied activities, or trading sector. In case the business is not owned by a single person, one of the shareholders must either be a woman or an SC/ST member holding a 51% stake in the company

The Three Pillars of Stand Up India

The scheme is built upon three key pillars, each playing a crucial role:

Access to Finance: Stand Up India provides financial support to aspiring entrepreneurs, ensuring they have the necessary capital to start and expand their businesses. Explore the various loan amounts, competitive interest rates, and flexible repayment terms that cater to the diverse needs of entrepreneurs.

List of the banks you can avail Stand-up India scheme from along with contact details:

Allahabad Bank [email protected]
Andhra Bank [email protected]
Axis Bank [email protected]
Bank of Baroda [email protected]
Bank of India [email protected]
Bank of Maharashtra [email protected]
Canara Bank [email protected]
Central Bank of India [email protected]
Corporation Bank [email protected]
Bank of Baroda [email protected]

Support Services: The scheme offers an array of support services offered under the scheme, including skill development, mentorship, and handholding. These services are designed to nurture and guide new businesses, ensuring that entrepreneurs have the knowledge and resources they need to succeed.

Agency	Email Address	Address Details	Areas of Expertise	Commercial Details Document	Events
AISECT TRAINING CENTER-U286	[email protected]	Dream India Foundation,Behind Sant Nirankari Bhawan,Station Road, Mahoba	Skills (Vocational)Application filling and Project/Report Preparation	N/A	N/A
AISECT TRAINING CENTER-U303	[email protected]	ACADEMY OF INFORMATION TECHNOLOGY AND MANAGEMENT 51, NEW RAJA MANDI, NEAR CANARA BANK, LOHA MANDI Agra(SC) 282002	Skills (Vocational),Application filling and Project/Report Preparation	N/A	N/A
ALINAGAR CENTRE	[email protected]	GTTI Centre Alinagar (Badsahi Road) P.O.- Bamsore Via- Bhatar 713125	Skills (Vocational),Application filling and Project/Report Preparation	N/A	N/A
BUDGE BUDGE CENTRE	[email protected]	GTTI Centre 12, Halder para Road, Budge Budge 700137	Skills (Vocational),Application filling and Project/Report Preparation	N/A	N/A
BURDWAN CENTRE	[email protected]	GTTI Centre ‘Spandan Complex' (3rd Floor) G.T. Road 713101	Skills (Vocational),Application filling and Project/Report Preparation	N/A	N/A
Bank Of Baroda	[email protected]	Lead Bank Office, 18 Vikas Bhawan, Rudrapur-263153	Financial Training, Application filling/Project Report Preparation	N/A	N/A
Bank Of India	[email protected]	BoI, Malad,(west) Branch, 2nd floor, Opp. Natraj Market, S.V. Road, Malad (West) Mumbai 400 064.	Financial Training, Application filling/Project Report Preparation	N/A	N/A
RSETI , Bank of Baroda	[email protected]	The Director, Baroda Swarojgar Vikas Sansthan (Baroda Rural Self Employment Training Institute), Near Gorakhnath Ashram, Rupal Village, Ta. Gandhinagar, Dist. Gandhinagar, Pin -382 630, Gujarat	Entrepreneurship Development, Programs along with Digital Literacy, Application filling and Project Report Preparatio,Hand Holding in a Virtual Environment, (CCC) Credit Counselor	N/A	N/A
CONTAI CENTRE	[email protected]	Central Bus Stand Majna Road Contai, Purba Midnapore 721401	Skills (Vocational),Application filling and Project/Report Preparation	N/A	N/A
Canara Bank	[email protected]	Agarsain Colony, GT Road, Gharaunda	Financial Training, Application filling and Project Report Preparation	N/A	N/A

Credit Guarantee: Ensures the credit guarantee component, which offers assurance to lenders, making it easier for entrepreneurs to secure loans. This risk mitigation feature encourages banks to provide loans to Stand Up India beneficiaries, reducing the financial barriers to entrepreneurship.

Stand-Up India Scheme Eligibility

Find out who can benefit from Stand Up India:

Entrepreneurs from Marginalised Communities:

Explore the specific eligibility criteria that determine an applicant's eligibility, including their social and economic background. Learn how the scheme prioritises women and SC/ST entrepreneurs, aiming to create a level playing field for all.

SC/ST and/or woman entrepreneurs, above the age of 18 years
One can avail loans under the stand-up scheme only for greenfield projects only. Greenfield signifies the first-time venture of the beneficiary in the said manufacturing, services, agri-allied activities, and trading sector
In the case of an enterprise owned by more than one person, 51% of the shareholding has to be of either SC/ST member and/or Woman

Financial Assistance under the Stand Up India Scheme

Explore the financial support available under the Stand Up India Scheme:

www.standupmitra.in/Home/MouBanksList

Loan Amount: Helps understand the scheme and what it offers–different loan amounts, ensuring that entrepreneurs have access to the right amount of capital to begin their ventures. Whether it's a small business or a larger enterprise, Stand Up India has you covered.
Interest Rates: It offers competitive interest rates under the scheme, making loans more affordable and accessible to entrepreneurs from marginalised communities. It helps understand and learn how these rates contribute to the scheme's success in promoting entrepreneurship.
Repayment Terms: Understand the flexible repayment terms, which are tailored to the specific needs and financial capabilities of entrepreneurs. This feature ensures that entrepreneurs can repay loans comfortably, reducing the burden of debt.

The Role of Banks in the Stand Up India Scheme

Discover the integral role that banks play in the implementation of Stand Up India:

Empaneled Banks: Find out which banks are empaneled under the scheme, making it easier for eligible entrepreneurs to apply for loans. Learn about the application process, including the required documents and steps to secure a loan under Stand Up India.

It is mentioned above or this is the link for more information: www.standupmitra.in/Home/MouBanksList

Stand-Up India Scheme Support Services

Dig deeper into the array of support services available:

Skill Development: It helps entrepreneurs enhance their skills and knowledge through training programs. These programs prepare them to navigate the complexities of business and equip them to make informed decisions, increasing their chances of success.
Mentorship: The significance of mentorship in guiding new businesses. Learn how Stand Up India connects entrepreneurs with experienced mentors who provide valuable insights and guidance, helping them overcome challenges and make informed choices.
Financial Training: It offers comprehensive financial training programs to empower entrepreneurs with the knowledge and skills needed to manage their businesses effectively. These training sessions cover various aspects of financial management, including budgeting, accounting, and financial planning. By equipping entrepreneurs with financial literacy, the scheme enhances their ability to make informed financial decisions, sustain their businesses, and contribute to economic growth.
Financial Training: The Scheme provides essential training in project report preparation. This training equips entrepreneurs with the ability to create comprehensive project reports, helping them secure loans and plan their businesses effectively. It ensures that entrepreneurs can present their business ideas clearly and convincingly to financial institutions, increasing their chances of accessing funds for their ventures.

More than 1.8 Lakh women and SC/ST entrepreneurs have broken barriers and built thriving businesses with the scheme's support. With the help of the scheme, they have turned their entrepreneurial dreams into reality. Witness their resilience and determination as they carve out their paths to success.

Expanding Horizons: The Future of the Stand Up India Scheme

Learn about the future of Stand Up India:

Scheme Expansion: Find out how the scheme is evolving and expanding to empower even more aspiring entrepreneurs. Discover the initiatives aimed at reaching more individuals and fostering entrepreneurship across diverse sectors.

Empowerment through Entrepreneurship– helping those reflect on how Stand Up India empowers individuals to become self-reliant entrepreneurs. Recognize the scheme's role in fostering economic growth and creating opportunities for marginalised communities.

Wrapping up

As we wrap up this comprehensive guide to the Stand Up India Scheme, let's take a moment:

Transforming Lives: Acknowledge the transformative impact of the scheme on individuals and communities, fostering entrepreneurship and economic growth.

A Brighter Tomorrow: Envision a future where entrepreneurship knows no boundaries, thanks to the empowerment offered by Stand Up India. Celebrate the potential of every aspiring entrepreneur to contribute to a brighter and more empowered India.

So, there you have it—an in depth understanding of how you can Stand Up, for yourself!

We hope this article has helped you gain a deeper learning of how Stand Up India is shaping a brighter and more empowered India, one entrepreneur at a time.

Now, it's your turn to stand up and seize the opportunities that await in the world of entrepreneurship!

Frequently Asked Questions(FAQs)

Below are some of the frequently asked questions on Stand Up India Scheme

What is the Stand Up India Scheme?

The Stand Up India Scheme is a government initiative aimed at empowering marginalised communities, particularly women and SC/ST entrepreneurs, by providing financial support, mentorship, and skill development to start and expand businesses.

Who is eligible for Stand Up India?

Individuals from marginalised communities, including women and SC/ST entrepreneurs, who meet specific social and economic criteria are eligible.

What financial support does Stand Up India offer?

Stand Up India provides loans with flexible repayment terms, competitive interest rates, and varying loan amounts to cater to different business needs.

Which banks are involved in Stand Up India?

Several banks are empaneled under the scheme, making it easier for eligible entrepreneurs to apply for loans and access support services.

What support services are available under Stand Up India?

Entrepreneurs can access skill development programs, mentorship, and handholding services to enhance their business knowledge and receive guidance from experienced mentors.

How does the credit guarantee component work?

The credit guarantee component reduces the risk for lenders, encouraging them to provide loans to Stand Up India entrepreneurs by offering assurance against default.

Have people benefited from the Stand Up India Scheme?

Yes, the scheme has numerous success stories, including 1.8L+ women entrepreneurs breaking barriers and SC/ST individuals building thriving businesses.

How is Stand Up India monitored and evaluated?

Performance metrics and data-driven assessments are used to measure the impact and effectiveness of the scheme, ensuring its continuous improvement.

What are the future plans for Stand Up India?

The scheme is evolving and expanding to empower more entrepreneurs across various sectors and regions.

What is the ultimate goal of Stand Up India?

Stand Up India aims to empower marginalised communities, foster entrepreneurship, and contribute to economic growth, creating a brighter and more empowered India.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet, and is subject to changes.