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SIDBI's 'Standup Mitra' portal records over 96,000 loan sanctions

The Small Industries Development Bank of India (Sidbi) on Tuesday said its 'Standup Mitra' portal has recorded over 96,000 loan sanctions worth over Rs 21,000 crore as of September end

SIDBI | loans

Press Trust of India  |  Mumbai 

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The Small Industries Development Bank of India (Sidbi) on Tuesday said its 'Standup Mitra' portal has recorded over 96,000 loan sanctions worth over Rs 21,000 crore as of September end.

The portal, developed by Sidbi, 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 Standup Mitra portal "has successfully recorded more than 96,000 loan sanctions worth more than Rs 21,000 crore as on September 30, 2020," said in a release.

The Stand-Up India scheme aims to ensure access to unserved/underserved segments of women and scheduled castes (SC) and scheduled tribes (ST) across the country by providing them financial assistance starting from Rs 10 lakh to Rs 1 crore for setting up greenfield enterprises.

"We are happy that nearly a lakh of aspirants have opted to set up their new enterprises under Stand-Up India," Deputy Managing Director V Satya Venkata Rao was quoted as saying in the release.

He said is undertaking steps such as supporting Swavalamban Sankalp, a nationwide mega campaign through the Dalit Indian Chamber of Commerce and Industry (DICCI), which represents mainstreaming mission of SC/ST segments.

Swavalamban Sankalp envisages boosting penetration of Stand-Up India scheme and providing opportunities to aspiring SC/ST entrepreneurs to start their entrepreneurial journey to become Swavalambi -- job giver as against job seeker.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, October 27 2020. 16:47 IST