Tiruvallur, April 4 The Central Government launched the Pradhan Mantri Mudra Yojana (PMMY) in 2015 to provide loans to small and micro-enterprises. The scheme aims to provide financial assistance to small businesses, enabling them to grow and expand.
Satish, the owner of a furniture shop in Avadi, Tamil Nadu, is a beneficiary of this scheme.
IANS spoke to Satish about his experience with the PMMY scheme. He shared that he had been running a small furniture shop for over 10 years but struggled to expand his business due to financial constraints.
When he approached banks for a loan, he was unable to secure one. However, after learning about the PMMY scheme, he managed to avail himself of a loan at a lower interest rate.
Satish expressed his gratitude to the Central Government for launching this scheme, which has significantly helped him expand his business. He advised other small business owners to take advantage of this scheme, stating that it has been extremely beneficial for him.
Initially, Satish availed a loan of Rs 50,000, which was later increased to Rs 1 lakh. Currently, he has secured a loan of up to Rs 2 lakh through the PMMY scheme.
Satish's success story is a testament to the effectiveness of the PMMY scheme in supporting small businesses and promoting entrepreneurship.
On April 8, the PMMY will turn 10. During this period, more than 52 crore accounts have been opened under the scheme. The scheme offers three categories of loans: Shishu (up to Rs 50,000), Kishore (above Rs 50,000 and up to Rs 5 lakh), and Tarun (above Rs 5 lakh and up to Rs 10 lakh). Additionally, the Tarun Plus category provides loans above Rs 10 lakh and up to Rs 20 lakh, specifically for Tarun category beneficiaries who have successfully repaid their earlier loans.
Launched by the Prime Minister on April 8, 2015, the PMMY has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises by providing loans of up to Rs 10 lakh. To strengthen support for aspiring entrepreneurs, the Finance Minister announced an increase in the loan limit to Rs 20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.
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