Stand-Up India
Details
A scheme by Ministry of Finance for financing SC/ST and/or Women Entrepreneurs by facilitating bank loans for setting up a greenfield project enterprise in manufacturing, services, trading sector and activities allied to agriculture. The objective of this scheme is to facilitate bank loans between Rs. 10 lakh and Rs. 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. In case of non-individual enterprises,
at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur.
Benefits
- Facilitation of composite loan (inclusive of term loan and working capital) between ₹10 Lakhs and ₹100 Lakhs. Rupay debit card to be issued for convenience of the borrower.
- The web portal by SIDBI provides hand-holding support through a network of agencies engaged in training, skill development, mentoring, project report preparation, application filling, work shed / utility support services, subsidy schemes etc.
Eligibility
*Finance is provided for Greenfield Enterprises.
*If the applicant is a male, he must be from SC / ST category.
*The age of the applicant must be at least 18 years.
*The applicant must not be in default to any bank/financial institution.
QULIFICATION
- Voter’s ID Card / Passport / Driving License / PAN Card / Signature identification
- Recent telephone bills, electricity bill, property tax receipt /Passport / voter’s
ID Card of Proprietor, partner of Director
- Proof of Business Address
- Proof that the applicant is not a defaulter in any Bank / Financial Institution
- Memorandum and articles of association of the Company / Partnership Deed of partners etc.
- Assets and liabilities statement of promoters and guarantors along with latest income tax returns.
*Rent Agreement (if business premises on rent) and clearance from pollution control board if applicable.
*SSI / MSME registration (if applicable)Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan.
*Photocopies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities.
*Documents to establish whether the applicant belongs to SC/ST Category, wherever applicable.
*Certificate of incorporation from ROC to establish whether majority stake holding in the company is in the hands of a person who belongs to SC/ST/Woman category.
