PM Svanidhi Yojana: Financial Assistance for Small Businesses
Running a small business often requires access to capital. The PM Svanidhi Yojana aims to provide exactly that by offering loans up to ₹90,000 without requiring any collateral. This initiative is designed to support street vendors and other small business owners in growing their ventures.
The scheme facilitates easy access to credit for those who might otherwise struggle to obtain loans from traditional banking institutions. The provided financial aid is intended to assist in enhancing and expanding existing businesses, contributing to economic empowerment at the grassroots level.
Launched by the Ministry of Housing and Urban Affairs, the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has been instrumental in supporting street vendors, especially during the Covid-19 pandemic. Recent data indicates a significant uptake of the scheme, reflecting its vital role in providing financial stability to the self-employed.
