Small traders in Chhattisgarh get benefit from PM SVANidhi Scheme
Gaurela-Pendra-Marwahi (Chhattisgarh): Small traders in Chhattisgarh’s Gaurela-Pendra-Marwahi district are reaping the benefits of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme. This initiative has provided much-needed financial support to vendors who struggled during the COVID-19 pandemic and were looking for assistance to rebuild their livelihoods.
One such beneficiary, Pramod Singh Thakur, a tea shop owner from Gaurela-Pendra-Marwahi, shared his success story with IANS.
Thakur received an initial loan of Rs 10,000 under the scheme, which he invested in reviving his tea shop. After successfully repaying the loan, he secured a second loan of Rs 20,000 to further expand his business. Thakur expressed his gratitude for the scheme, saying it helped him rebuild his business and his life.
“I lost everything when the pandemic hit. My business was shut down, and I didn’t know how to start over. Then the PM SVANidhi came, offering a loan of Rs 10,000. I used it to restart my work, and slowly, I was able to get back on my feet. Now, with the second loan of Rs 20,000, my business is thriving again. PM Modi’s scheme has been a game-changer for me,” Thakur added.
The PM SVANidhi scheme, launched by the Ministry of Housing and Urban Affairs in June 2020, is a micro-credit initiative aimed at helping street vendors. The scheme provides collateral-free loans with no stringent repayment conditions, making it easier for small traders to access financial support.
The scheme is structured in three loan cycles: Rs 10,000 for the first cycle, Rs 20,000 for the second, and Rs 50,000 for the third. The repayment terms are flexible, and interest subsidies are available until March 2028. The government plans to extend benefits to around 50 lakh vendors across the country.
Any street vendor who was working in urban areas on or up to March 24, 2020, selling items like fruits, vegetables, and ready-to-eat street food, or providing services like barbershops and laundry, becomes eligible. Even the applicants who don’t possess a certificate of vending become eligible and can apply for a provisional certificate after conducting a local enquiry.