Raipur: Lack of capital was once a major challenge for millions of street vendors, who sold vegetables from roadside carts, ran small tea and snack shops, or earned their living on the sidewalks. Lack of access to bank loans limited their businesses. However, the Pradhan Mantri Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme has transformed the lives of these small entrepreneurs.

Through this scheme, more than 112,036 street vendors in Chhattisgarh have been provided loan assistance totaling over 256.94 crore rupees (approximately $2.56 billion). The scheme has not only strengthened their businesses but also provided them with new opportunities for self-reliance and a respectable livelihood.

In response to the severe impact on livelihoods during the COVID-19 pandemic, the central government launched the Pradhan Mantri Street Vendors AtmaNirbhar Nidhi (PM-SVN) scheme on June 1, 2020. Its objective is to provide unsecured working capital loans to street vendors in urban areas to help them restart and expand their businesses. The scheme's key feature is that it does not require any collateral. Beneficiaries who repay their loans on time have the opportunity to receive higher loan amounts in the next phase.

Under the scheme, loans are provided to beneficiaries in phases. The first phase provides loans up to ₹10,000, the second phase provides loans up to ₹20,000, and the third phase provides loans up to ₹50,000. This means that working capital loans ranging from a minimum of ₹10,000 to a maximum of ₹50,000 can be obtained under this scheme. Only beneficiaries who make timely repayments are eligible for the next phase.

The PM Svanidhi scheme benefits small businesses that provide goods and services on the roadside or in public places. These include vegetable and fruit vendors, tea, snack, and fast food vendors, paan shop owners, textile and ready-made garment vendors, shoe and slipper vendors, book and stationery vendors, flower and puja material vendors, mobile accessories vendors, barbers, cobblers, and self-employed individuals providing laundry services, among many other small businesses.

The impact of the scheme is steadily increasing in Chhattisgarh. Thousands of street vendors have been provided loan assistance in districts such as Durg, Raipur, Bilaspur, Korba, Raigarh, and Dhamtari. Against a state-level sanctioned amount of ₹267.22 crore, over ₹256.94 crore has been disbursed, benefiting over 1.12 lakh beneficiaries.

Chief Minister Shri Vishnu Dev Sai stated that the PM SVANidhi Yojana is not merely a loan distribution program, but a comprehensive campaign to connect small entrepreneurs with the formal banking system. This is strengthening the financial position of street vendors, increasing their income, and enabling them to build a better future for their families. Today, thousands of street vendors in Chhattisgarh's cities and towns are taking their businesses to new heights with the help of this scheme. The Pradhan Mantri SVANidhi Yojana has truly become a means of providing financial support to the hardworking people who, through their hard work, drive the urban economy.