The “Stand up India” is an initiative for the scheduled caste and backward tribes. It aims at providing financial aid to the lower sections of our country. Stand up India also promotes employment and entrepreneurship to the lower sections and women. The loan amount or aid varies between Rs. 10 lakh to Rs. 1 crore. This initiative will enable the underserved section to utilize the institutional credits in the form of bank loans. Moreover, with the Stand Up India initiative, the policy domain of each state will also be restricted.
The financial aid is for the entrepreneurs to set up their business and also a RuPay debit card will be issued to them for the withdrawal of money or capital for operations. The scheme will help in growing the economy of the country and people can benefit from it by utilizing these funds for establishing their ventures. Further, there are many other factors like legal and operation norms and laws that hamper the operations of the business. This scheme will help to eliminate all these hurdles for the entrepreneurs as well.
How to enroll/apply Stand Up India Loan
The entrepreneurs can register online using the web portal or the mobile application that will be launched in April 2016. Moreover, a self- certification system will also be launched. The applicants can fill the application form with all the required data, which can be processed further. They need to produce their plan of action along with the required legal documents to validate the requirement.
Eligibility Criteria for Stand Up India Loan
The government is willing to aid most of the applicants for starting up their business. But at the same time, it is not possible for the government to provide loans to all the entities applying for the same. Moreover, it is also very important for the borrowers to abide by the guidelines of the program and operate accordingly. They should examine the feasibility of the program for their business and operations. The government encourages people with unique and planned ideas that can be shaped for success.
Following are the eligibility criteria for applying for the Stand Up India:
The company must be a private limited/LLP or a partnership firm.
The company should be less than 5 years of age.
The turnover of the firm should not be more than 25 crores
The company should be dealing with any commercial or innovative consumer goods. For the same an approval of the DIPP is also required.
The company should have patents granted.
Also, a few letters need to be also produced at the time of application.
Benefits of the Stand Up India scheme.
The basic aim of the initiative is to provide expertise and encourage new entrepreneurs so as to minimize unemployment. The following are the benefits for angel investors, incubators, and consultants.
If you are an angel investor then Startup India gives you the right platform where you get professional advice, time, and knowledge about laws, and also they would be there to aid you for two years during the initial phase of startup. Moreover, various also provide contacts so that the entrepreneurs can utilize them for financial help.
If you are an Incubator then the initiative provides you with the right coaching and knowledge. They can guide you with expert knowledge to shape your ideas and thoughts into a definite shape and structure.
They also provide post set up aid to the consultants. For mature stage social ventures, they also provide help for them to grow and expand in their domain.
Moreover, another benefit for the entrepreneurs is that they do not have to worry much about how to pay back the amount that they have taken for the loan. They need to pay back all that money in a span of seven years, which does not lay any stress of repayment on them. Further, it is the decision of that person to decide what amount needs to be paid back per month.
Coverage in Stand Up India
As a part of media awareness and reporting the following initiatives will be taken up:
A Startup India Twitter Handle
An official website and application for the initiative to create better awareness about Stand Up India.
Moreover, the motivating stories will also be blogged every day for motivating others.
A dedicated Facebook page will also be set- up for social awareness about the initiative.
Tax Benefits in Stand Up India
The applicants will get an 80% rebate after filing the patent application form. This can be only filled by startups, and the benefits are also more for them as compared to other companies.
There is also an inclusion of Credit Guarantee Fund and the entrepreneurs enjoy relaxation in Income tax at least for the first three years. There will be complete relaxation for the entrepreneurs for the Capital Gain Tax. Moreover, the entities who qualify the program will further enjoy benefits like the redemption of tax on the profits earned. This is to ease the entities during the initial startup phase and that there is no burden of paying heavy costs for taxes.
Stand Up India Loan in SBI
SBI is a dedicated partner for the Stand Up India scheme and is providing loans to young entrepreneurs. SBI will be setting up include branches especially for helping the entrepreneurs and will be a single place for serving the financial requirements of these startups.
The bank has also opened its first Branch in Bengaluru dedicated to the startups. Apart from providing financial aid to the startups, the banks will also aid with technology expertise. They are also associated with third parties for imparting knowledge about taxation and legal help.
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