Chamoli vendor Shiv Prasad Maithani expands business via PM SVANidhi loans

Uttarakhand: PM SVANidhi scheme strengthens livelihoods of small traders in Chamoli

Chamoli, Oct 19

Under the scheme, street vendors, cart operators and small shopkeepers are provided collateral-free loans in phases to meet their business requirements and strengthen their livelihoods.

Shiv Prasad Maithani, a resident of Gauchar in Chamoli district, is among the beneficiaries who have used the scheme to establish and expand their business.

Maithani told IANS he came to know about the scheme through the local municipal body and subsequently submitted the necessary documents to avail its benefits.

He initially received a loan of Rs 10,000 under the first phase of the scheme, which he utilised to start a vegetable vending business with a handcart.

After successfully repaying the first loan on time, he became eligible for a higher loan of Rs 20,000. Following the timely repayment of this amount, he received another loan of Rs 50,000 under the subsequent phase, the beneficiary told IANS.

He utilised the increased financial assistance to expand his vegetable business and improve his earnings.

Speaking about his experience, Maithani said the scheme had provided him with crucial financial support at a time when arranging funds to start and expand a small business was difficult.

He said the successive loans helped him gradually strengthen his business, increase his income and improve his overall financial condition.

Describing the PM SVANidhi scheme as beneficial for economically weaker sections and small traders, Maithani expressed gratitude to the Central government for introducing the initiative.

The scheme aims to provide accessible working capital to street vendors, enabling them to restart, sustain and expand their businesses while gradually building financial independence through timely loan repayment.

— IANS