SIDBI’s Standup Mitra Portal, set up under GOI’s Stand-Up India scheme, reaches over 96,000 loan sanctions

The Standup Mitra Portal, which was set up by Small Industries Development Bank of India (SIDBI), under the guidance of the Department of Financial Services, Ministry of Finance, to pioneer national mission of Stand-Up India has successfully recorded more than 96,000 loan sanctions worth more than Rs 21,000 crore as on September 30, 2020.

The portal was launched in April 2016 to extend online financial assistance to the unserved and underserved segment of the society without the need of visiting any bank branch and apply for loan online under the Stand-Up India Scheme.

The Stand-Up India scheme targets at ensuring access to unserved/underserved segments of women and Scheduled Caste (SC) & Schedule Tribes (ST) pan India basis by providing them financial assistance starting from Rs 10 lakh to Rs1 crore for setting up of greenfield (new) enterprises.

For easing various credit and handholding access aspects of aspirant helps entrepreneurs intending to apply for a loan (1.25 lakh+ bank branches), seek handholding support (from 8,000+ active handholding agencies) and look for credible information, portal has been with them.
The scheme has since been extended upto the year 2025 by the Government of India (GoI).

In a press release, V Satya Venkata Rao, Deputy Managing Director, SIDBI said, “One of the major functions of SIDBI has always been strengthening the Micro, Small and Medium Enterprises’ (MSMEs) ecosystem through implementation of various GOI schemes with special thrust on digitising access. We are happy that nearly a lakh of aspirants have opted to set up their new enterprises under Stand-Up India. In order to give further fillip to pockets/segments which are left out, we invite aspirants to look at this scheme for realising their dreams.”

According to him, SIDBI is undertaking steps such as supporting Swavalamban Sankalp through Dalit Indian Chamber of Commerce and Industry (DICCI), which represents mainstreaming mission of SC/ST segments. Through the portal, we also look forward to deepen the mission of equitable outreach to all segments and regions in the country looking for making Swavalamban their preferred vocation.”