Govt scheme helping street vendors thrive, Rs 71 cr loans disbursed

Gorakhpur: Since its launch in Jun 2020 during the pandemic-induced economic slowdown, the Pradhan Mantri Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme, aimed at pushing inclusive economic growth, has boosted fortunes of street vendors significantly. Designed to empower vendors with accessible microcredit, the scheme has provided a major lifeline to small-scale entrepreneurs.
Under the scheme, Rs 71.91 crore loans have been disbursed to 38,708 vendors across Gorakhpur by the District Urban Development Agency (DUDA). Beneficiaries are eligible for a Rs 10,000 collateral-free loan, followed by a second loan of Rs 20,000 on successful repayment, and third of up to Rs 50,000. So far, 12,523 vendors have availed the second loan, while 1,632 have reached the third phase.
As further incentive to vendors, the scheme offers 7% interest subsidy for timely repayment and up to Rs 1,200 cashback for digital transactions. Gorakhpur vendors are reportedly benefiting in large numbers from these digital perks.
Gorakhpur exceeded its original target of 32,635 beneficiaries in the first loan phase. DUDA received 39,228 applications, approved 38,802, and disbursed loans to 38,708 street vendors. This reflects robust implementation and proactive monitoring under CM Yogi Adityanath's leadership.
To streamline the process, a single-window system ensures applicants face minimal hurdles. With the PM SVANidhi scheme, street vendors are not only recovering from pandemic setbacks but also scaling their businesses towards financial self-reliance and growth.