Bank Schemes for Startups and SMEs in India
Banks in India offer numerous schemes to support startups and SMEs by providing financial assistance, loans, and other benefits. These schemes aim to boost entrepreneurship, foster growth, and enhance the ease of doing business. Here’s an overview of popular schemes and relevant links to explore further.
- Stand-Up India Scheme
- Purpose: To promote entrepreneurship among women and SC/ST communities.
- Features:
- Loans between ₹10 lakh and ₹1 crore for setting up a greenfield enterprise.
- Can be used for manufacturing, services, or trading sectors.
- Eligibility:
- SC/ST or women entrepreneurs aged 18+.
- Non-default with any bank or financial institution.
- Website: www.standupmitra.in
- Pradhan Mantri Mudra Yojana (PMMY)
- Purpose: To provide microloans to small businesses.
- Features:
- Loans categorized under Shishu (up to ₹50,000), Kishor (₹50,000 to ₹5 lakh), and Tarun (₹5 lakh to ₹10 lakh).
- No collateral required.
- Focuses on micro and small enterprises like shops, small manufacturers, etc.
- Eligibility: Individuals and businesses engaged in non-corporate, non-farm sectors.
- Website: www.mudra.org.in
- Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE)
- Purpose: To offer collateral-free loans to micro and small businesses.
- Features:
- Loans up to ₹2 crore.
- Covers new and existing businesses in the manufacturing and service sectors.
- Eligibility: MSMEs registered under the Udyam portal.
- Website: www.cgtmse.in
- SIDBI Make in India Soft Loan Fund for MSMEs (SMILE)
- Purpose: To support small and medium enterprises in the manufacturing sector.
- Features:
- Loans for equipment, expansion, and modernisation.
- Interest subsidy available.
- Eligibility: MSMEs in priority sectors like green energy and manufacturing.
- Website: www.sidbi.in
- National Small Industries Corporation (NSIC) Credit Support Scheme
- Purpose: To provide credit to SMEs for raw materials and marketing activities.
- Features:
- Tie-ups with banks for easier credit access.
- Assistance with raw material procurement and marketing.
- Eligibility: SMEs registered under NSIC.
- Website: www.nsic.co.in
- Start-Up India Initiative
- Purpose: To encourage entrepreneurship and innovation across India.
- Features:
- Tax exemptions for startups for 3 years.
- Easier access to funding through Fund of Funds scheme.
- Dedicated startup loans via partner banks.
- Eligibility: Startups recognized under the Startup India program.
- Website: www.startupindia.gov.in
- PSB Loans in 59 Minutes
- Purpose: To provide loans to SMEs quickly through an online platform.
- Features:
- Loans up to ₹5 crore approved within 59 minutes.
- Integrated with multiple banks for seamless processing.
- Eligibility: MSMEs and individuals meeting the credit eligibility criteria.
- Website: www.psbloansin59minutes.com
- Export Credit Guarantee Corporation (ECGC) Schemes
- Purpose: To support exporters by providing credit insurance.
- Features:
- Covers export risks and guarantees bank loans for exporters.
- Helps in obtaining export credit at better terms.
- Eligibility: Export businesses of all sizes.
- Website: www.ecgc.in
- Bank-Specific SME Schemes
Here are a few schemes offered by leading banks:
- State Bank of India (SBI)
- SME Smart Score Loan: Collateral-free loans based on scoring criteria.
- www.sbi.co.in
- HDFC Bank
- Business Growth Loans: Loans for SMEs and startups.
- www.hdfcbank.com
- ICICI Bank
- Startup Assistance Program: Tailored financial and advisory services for startups.
- www.icicibank.com
- Bank of Baroda
- Baroda SME Loan Pack: Comprehensive loan packages for SMEs.
- www.bankofbaroda.in
- NABARD Schemes for Rural Entrepreneurs
- Purpose: Focused on rural startups and agri-businesses.
- Features:
- Financial support for agro-processing units.
- Assistance for small and medium enterprises in rural areas.
- Eligibility: Rural entrepreneurs and businesses.
- Website: www.nabard.org
These schemes provide valuable support for startups and SMEs by addressing funding, infrastructure, and risk management needs. Visit the official websites to explore details and take the next step toward launching or growing your business!
