New Delhi

TheUnion Cabinet on Wednesday approved the continuation of the Stand-Up India Scheme for another five years till March 31, 2031, with a credit guarantee corpus of Rs 4,111 crore and aiming to expand entrepreneurship among women, Scheduled Castes (SCs) and Scheduled Tribes (STs).

The scheme is expected to provide financial assistance to an additional 2.5 lakh entrepreneurs over the next five years. Since its launch in April 2016, the initiative has facilitated loans to more than 2.75 lakh women, SC and ST entrepreneurs, helping them establish new enterprises and expand economic opportunities, according to the official statement.

"The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the continuation of Stand-Up India Scheme for a period of 5 years upto 31.03.2031," it said.

"The scheme aims to promote entrepreneurship among Women, Scheduled Castes (SCs) and Scheduled Tribes (STs) and aims to provide financial assistance to additional 2.5 lakh entrepreneurs in a span of five years. Since its launch in April 2016, the scheme has facilitated loans to more than 2.75 lakh Women/SC/ST entrepreneurs," it added.

Under the scheme, eligible beneficiaries can avail loans ranging from Rs 10 lakh to Rs 1 crore for setting up new greenfield enterprises.