Nandurbar, February 7, 2025 – The Maharashtra government is offering a fresh opportunity for Scheduled Castes (SC) and Neo-Buddhist youth to become entrepreneurs under the Stand-Up India scheme. As part of this initiative, the government is providing financial assistance through the “Margin Money” scheme, aimed at supporting new businesses by offering 15% of the required 25% contribution needed for the startup capital.
The project has already seen an influx of applications, with 50 proposals submitted to the District Social Justice Department last year. However, several applicants have reported challenges in getting their loan applications approved by banks, despite the government’s financial assistance.
How Margin Money Works:
Under the Stand-Up India Scheme, beneficiaries from SC and Neo-Buddhist communities are required to contribute 25% of the capital to start a business. While the remaining amount is financed by banks, the department has stepped in to cover 15% of the contribution to assist financially struggling youth.
Despite the department’s efforts, young applicants have faced difficulties with banks rejecting their proposals. However, the department continues to encourage more youths to apply and pursue entrepreneurship.
The social justice department is also organizing training sessions and workshops to inspire more youth from rural and urban areas to apply. Interested individuals must be aged between 18 and 50, a resident of Maharashtra, and meet income criteria to be eligible.
The government hopes to see more successful applications and empower the SC and Neo-Buddhist communities through the initiative.