Find out what it means for your business.
Budget 2024 introduces new and enhanced initiatives to help your business weather current challenges such as rising costs and build a competitive edge for the future.
These include immediate relief such as financing for working capital, as well as support to transform your business and workforce.
Learn more about the initiatives you can tap to access new markets, pursue sustainability, and keep growing.
From 1 April 2024, the maximum loan quantum will be raised permanently to S$500,000, to provide enhanced support for operational cashflow needs amid elevated costs.
Find out more here .
The support for domestic construction projects will be extended until 31 March 2025, with a lower maximum loan quantum of S$15 million.
The validity will be extended until 30 June 2025, to allow employers more time to support the training and upgrading of their employees and pursue business transformation projects.
The enhanced maximum loan quantum of S$10 million will be extended until 31 March 2025, to support businesses’ internationalisation efforts amid global supply chain disruptions.
From 1 April 2024, the enhanced risk share of 70% will be maintained for young businesses and businesses trading in challenged markets.
The grant will be expanded to more sectors including manufacturing, maritime, construction and data centres, to help companies defray the costs of pre-approved energy-efficient equipment.
Learn more about the grant here .
From 1 April 2024, support will be expanded to include businesses which adopt green solutions, to help them embark on their sustainability journey and reduce their carbon footprint.
Under this scheme, Enterprise Singapore provides 70% risk-share to catalyse lending from participating financial institutions.
EFS-Green is open for applications until 31 March 2026. All applications must reach Enterprise Singapore and be approved by a participating financial institution by 31 March 2026.
Learn more about the scheme here .
SINGAPORE - With more multinational companies aiming to curtail their carbon footprint and extending these expectations to their suppliers, local firms can gain an edge by embracing sustainability.
This is why more support will be given to local small and medium-sized enterprises (SMEs) to adopt green solutions, said Deputy Prime Minister Lawrence Wong during his Budget statement on Feb 16.
“SMEs today sometimes still treat sustainability as an additional imposition and cost, but going green can be a competitive advantage,” he said.
DPM Wong, who is also Finance Minister, announced three enhancements to the Enterprise Financing Scheme (EFS), which enables Singapore businesses to access financing more readily across all stages of growth.
First, the maximum loan quantum under the EFS – SME Working Capital Loan will be permanently increased from $300,000 to $500,000. This will help SMEs to meet their increased working capital and operational cash flow needs amid elevated costs.
Second, the enhanced maximum loan quantum under the EFS – Trade Loan of $10 million will be extended till March 31, 2025. This will support businesses’ internationalisation efforts amid global supply chain disruptions.
Third, support for domestic construction projects under the EFS – Project Loan will also be extended till March 31, 2025, with a maximum loan quantum of $15 million. This will support domestic construction firms amid a challenging operating environment.
DPM Wong also announced enhancements to the Energy Efficiency Grant, which was introduced in 2022 for companies in the food services, food manufacturing and retail sectors.
These include extending the scheme to more sectors, including manufacturing, construction, maritime, as well as data centres and their users.
Companies registered and operating in Singapore with at least 30 per cent local shareholding, at least one local employee and group annual sales turnover of not more than $500 million will be eligible for support.
The scheme will also be enhanced to provide two tiers of support – a base tier to provide support for pre-approved energy-efficient equipment up to a $30,000 cap, as well as an advanced tier to support companies that wish to make larger investments to drive greater energy efficiency.
DPM Wong also noted that the Partnerships for Capability Transformation, or Pact scheme, will be enhanced in more areas, mainly capability training, internationalisation and corporate venturing.
The Pact scheme was introduced in 2010 and supports the likes of co-innovation and internationalisation projects.
“With the enhanced Pact, we aim to help more of our firms plug into global supply chains, compete in markets abroad and grow to become industry leaders in their own right,” DPM Wong said.
In his speech, he noted that local firms can partner multinational enterprises (MNEs) based in Singapore to help them grow quickly, but these companies have set high requirements and standards for firms that wish to supply to them.
He said: “We cannot force MNEs to choose only local suppliers. But we can, and we will, help Singapore enterprises to meet the high standards and to form win-win partnerships with MNEs.”
DPM Wong highlighted the aerospace industry’s high manufacturing and safety standards, which drive aerospace giants such as Rolls-Royce to be highly selective in their partnerships.
He cited local player Zincode as a company that had levelled up to partner Rolls-Royce.
Zincode was able to improve its image processing capabilities with the support of the Smart Manufacturing Joint Lab – a collaboration between the Agency for Science, Technology and Research, Rolls-Royce and Singapore Aero Engine Services – and qualify as an approved partner for inspection work at Rolls-Royce’s manufacturing facility in Singapore.
“Zincode has now successfully captured new opportunities from other companies in the aerospace sector, and benefited from an increase in sales,” DPM Wong noted.
Join ST's WhatsApp Channel and get the latest news and must-reads.
Read 3 articles and stand to win rewards
Spin the wheel now
Eligibility, application process, documents required.
Something went wrong. please try again later., you need to sign in before applying for schemes, it seems you have already initiated your application earlier. to know more please visit, check eligibility, ministry of finance, pradhan mantri mudra yojana.
Upfront fee/processing charges.
For shishu loan.
Is Khadi Activity Eligible Under PMMY Loans?
Yes. MUDRA loans are applicable for any activity which results in income generation. As Khadi is one of the eligible activities under Textile sector and in case MUDRA loans are taken for income generation, the same can be covered.
Are MUDRA Loans Available For Purchase Of CNG Tempo/Taxi?
MUDRA loans would be available for purchase of CNG Tempo/Taxi, in case the applicant intends to use the vehicle for commercial purposes.
I Have A Savings Bank Account With the Bank, Would Loan Under MUDRA Be Available Based On The SB Account?
Yes. The applicant can approach the branch and apply for the loan in the format being provided by the said lending institution. The terms and conditions of the loan will be governed by the policies of the lending institution, based on the broad guidelines of RBI. The loan amount will be decided by the requirement of the proposed income generating activity and the repayment terms will be decided by the anticipated cash flow from the activity.
Under PMMY-Shishu Loans, What Is The Turn Around Time For Processing The Loan Proposal?
As per Banking Codes and Standard Board of India (BCSBI), set up by RBI, loan applications should be disposed off for credit limit up to Rs.5 lakh within 2 weeks.
Is It Required To Submit Income Tax Returns For The Preceding 2 Years For Availing Loan Of Rs. 10 Lakh Under PMMY?
Generally, IT returns are not insisted for small value loans. However, the requirement of documents will be advised by the concerned lending institutions based on their internal guidelines and policies.
Scheme Brochure
Scheme FAQs
No new news and updates available
4th Floor, NeGD, Electronics Niketan, 6 CGO Complex, Lodhi Road, New Delhi - 110003, India
support-myscheme[at]digitalindia[dot]gov[dot]in
(011) 24303714
The Pradhan Mantri Mudra Yojana (PMMY), which Prime Minister Modi launched in April 2015 to promote entrepreneurship through micro-credit access, has reported that women entrepreneurs have received the majority of loans since the scheme's inception.
The Micro Units Development and Refinance Agency (MUDRA) Loan Scheme under PMMY, or Pradhan Mantri Mudra Yojana , is a government initiative that provides loans to individuals and MSMEs through banks and NBFCs.
MUDRA Yojana is available in three loan schemes: Shishu, Kishor, and Tarun. Loans under the Mudra scheme are collateral/security-free loans made available by financial institutions with repayment terms ranging from 12 months to 5 years and flexible EMIs.
Individuals, MSMEs, enterprises, or businesses engaged in manufacturing, trading, or providing services are the only ones who can benefit from the Mudra loan for women.
Women's business loans from the government of India are classified into three schemes, Shishu, Kishor, and Tarun, under the Pradhan Mantri Loan Yojana (PMMY).
Each loan scheme's loan amount is listed below:
SHISHU Loan: The Mudra Shishu Loan scheme provides loans of up to Rs. 50,000 (for start-ups and new businesses).
KISHOR Loan: Loans ranging from Rs. 50,001 to Rs. 5,00,000 are available under the Kishor Loan Scheme (for the purchase of raw materials, equipment/machinery, and business expansion for existing businesses).
TARUN Loan: The Tarun Loan Scheme provides loans ranging from Rs. 500,001 to Rs. 10,00,000 (for established businesses and enterprises).
Completed application with passport-sized photos
Applicant and co-applicants' KYC documents: Passport, voter identification card, Aadhar card, driving licence, PAN card, utility bills (water/electricity bills)
Proof of membership in a special category, such as SC, ST, OBC, Minority, and so on (if applicable)
Bank statement for the previous six months
Proof of business address and tenure, if applicable
Any other documents that the bank may require
Offline Pradhan Mantri Loan Yojana Application Form
Applicants interested in a woman loan yojana can obtain an application form for the Pradhan Mantri MUDRA yojana from any of the banks listed under the scheme.
The following are the steps for applying for the MUDRA loan yojana:
Step 1: Go to the nearest bank that is part of the Mudra loan scheme.
Step 2: Present your business plan or concept.
Step 3: Submit a completed MUDRA loan application form.
Step 4: Submit any additional documentation, such as identity and address proof, company address proof, balance sheets, caste certificate, IT returns, sales tax, and so on.
Step 5: Complete all other bank formalities.
Step 6: The submitted documents, as well as the MUDRA loan application, will be verified.
Step 7: If the borrower fulfils all of the requirements, the loan will be approved.
Borrowers interested in the Prime Minister's Loan Scheme for Ladies can simply visit the official websites of the 29 banks; business loan application forms are available online.
To apply for the Pradhan Mantri MUDRA Yojana, follow the steps below:
Step 1: Save the MUDRA loan application form to your computer.
Step 2: Simply fill out the application form with accurate and relevant information.
Step 3: Determine whether the bank is public or private.
Step 4: Complete the formalities.
Step 5: The loan will be sanctioned once the borrower has completed this process.
Mudra loans are primarily available to individuals, retailers, shopkeepers, traders, vendors, and MSMEs in the manufacturing, trading, and service sectors. The Mudra scheme is the only one that is covered by the Government of India's Credit Guarantee Schemes.
Borrowed money can also be used to make term loans, working capital loans, and overdrafts.
Mudra loans are available to all non-farm enterprises, i.e. small or micro businesses that generate revenue.
People belonging to the SC/ST categories can also apply for Mudra loans with lower interest rates.
Mudra Yojana under PMMY encourages women entrepreneurship, and banks and Microfinance Institutions (MFIs) provide credit facilities for women borrowers, such as lower or concessional interest rates on loans. However this scheme is not similar to government personal loan for womens in india
Mudra currently offers a 25 basis point (BPS) discount on interest rates offered by NBFCs and MFIs to female entrepreneurs. The maximum loan amount available under the Mudra Yojana for female entrepreneurs is Rs. 10 lakh. Women's Mudra loan eligibility remains the same as it is for individuals and businesses.
Since the launch of the Mudra Women Loan Scheme, the government has become more interested in providing business loans to women. This is why, of the four mudra loan applicants, three are women. According to Finance Minister Nirmala Sitaraman, a mudra loan scheme has so far disbursed Rs.1.62 billion rupees.
To help small business owners, the Shishu mudra loan interest rate for ladies has been reduced by 2%. They anticipate that 3 million people will benefit from the interest rate deduction.
Mudra card is a type of debit card issued to Mudra loan borrowers to help them meet their working capital needs. Following the approval of a Mudra loan, the lender opens a Mudra loan account for the borrower and issues a debit card. Borrowers can withdraw funds from the total sanctioned amount in installments based on their business needs after the loan is disbursed in their bank account.
Higher women's participation is very encouraging because the government has been talking about providing access to finance to women entrepreneurs, and the Mudra scheme has been mentioned as one of the top programmes.
It is the first scheme we look at when it comes to financial awareness and financial literacy among female entrepreneurs, and the scheme has done an excellent job of making this information available to the public.
No, banks or other financial institutions are not required to provide collateral or security under Mudra Finance.
For existing businesses and salaried individuals, the previous year's ITR must be presented in order to apply for business loans under the Mudra Yojana.
You can check the status of your mudra loan online by going to the respective bank's website and going to the e-mudra loan application status section.
Private and public sector banks, Small Finance Banks (SFBs), Micro Finance Institutions (MFIs), Non-Banking Financial Companies (NBFCs), Regional Rural Banks (RRBs), and Commercial banks in both the private and public sectors provide Pradhan Mantri Mudra Loans under the RBI's sole permission and direction.
Was this information useful?
300 characters allowed (alphanumeric and special characters such as comma, full stop, @, ", &)
Thank you. Your feedback is important to us.
Apply for personal loan
An OTP will be sent for verification
IMAGES
VIDEO
COMMENTS
The AI Innovation Grant. Sponsored by Skip, the AI Innovation Grant will award $10,000 to fund the development of artificial intelligence-based innovation in business. The grant is open to all U.S.-based small business owners and entrepreneurs in all stages and sizes of business. Applications are due March 15, 2024.
Press release 23-49 Biden-Harris Administration Launches Small Business Loan Program Improvements to Expand Access to Capital Starting today, August 1 Lending program improvements expand access to capital for small businesses and increases protection against fraud Published on August 1, 2023
Government small-business loans are a highly desirable form of business funding — as they generally offer low interest rates and long repayment terms. These small-business loans are...
A small-business loan is a source of capital that can help you stock your shelves, buy new equipment or expand your footprint. Business owners can access financing through traditional banks,...
The capital from an expansion loan can make it possible for you to scale your business or keep pace with growth. If you applied for a business loan when you first started your business, you might ...
With a small business loan, business owners and entrepreneurs can access a lump sum of cash or a line of credit, which they can use to remain operational and continue growing their business...
United States Small Business Administration—or SBA—loans for new businesses can help startup founders access the cash they need to get their business off the ground. Available amounts vary by...
Get help after a disaster with low-interest disaster loans from the Small Business Administration. Learn more about disaster assistance. Surety bonds. Protect your work and your client with an SBA-guaranteed surety bond. Learn more about surety bonds. Grants. Look for government grants that help businesses do scientific research and development
The SBA's Small Business Investment Company (SBIC) program seeks to stimulate and supplement the flow of private equity capital and long-term loan funds to small businesses, which small business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization when such capital is not available...
Prepare for the application process and gauge your approval odds by requesting copies of your business credit reports and checking your personal credit score before applying for a loan. 3. Gather ...
If you're looking to fund a startup: It can be tougher for new entrepreneurs to get a traditional business loan, but business credit cards and personal business loans can be good options...
Government grants and loans. The government does not offer "free money" for individuals. Federal grants are typically only for states and organizations. But you may be able to get a federal loan for education, a small business, and more. If you need help with food, health care, or utilities, visit USA.gov's benefits page.
What is GovLoans.gov? GovLoans.gov is an online resource to help you find government loans you may be eligible for. It is not an application for benefits and will not send you free money. Loan Categories Agricultural Loans Business Loans Education Loans Housing Loans Loan Repayment Veterans Loans Want to find more government benefits?
2 Financing Schemes for SMEs in Malaysia 1 Financial Landscape for SMEs in Malaysia The financial landscape for SMEs in Malaysia is very comprehensive, covering financial institutions as the main source of external financing, and other avenues that complement the ecosystem.
Engoron, who ruled before the trial that Trump and his co-defendants committed fraud with his financial statements, found Trump liable on five of the six remaining claims in James' lawsuit: falsifying business records, issuing false financial statements, conspiracy to commit insurance fraud and conspiracy to falsify business records.
Six Texas men have been sentenced for their involvement in a scheme to illicitly secure over $20 million in forgivable loans through the Paycheck Protection Program (PPP), a lifeline established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses during the pandemic.
PMYB&ALS (Prime Minister's Youth Business and Agriculture Loan Scheme) promotes entrepreneurship among youth by providing business loans on simple terms and with less markup through 15 Commercial, Islamic and SME banks. All Pakistani residents, aged between 21 and 45 years with entrepreneurial potential are eligible to apply for the loan.
The judge found they engaged in a yearslong scheme to dupe banks and others with financial statements that inflated his wealth. ... The judge barred Donald Trump from holding executive office at a New York company and getting loans from New York banks for three years. ... Former President Donald Trump, center, sits in the courtroom before the ...
COVID-19 EIDL. This low-interest loan provides help to businesses experiencing revenue loss. Learn more about COVID-19 EIDL.
Budget 2024 introduces new and enhanced initiatives to help your business weather current challenges such as rising costs and build a competitive edge for the future. ... Enterprise Financing Scheme - SME Working Capital Loan (EFS-WCL) [Enhanced] From 1 April 2024, the maximum loan quantum will be raised permanently to S$500,000, to provide ...
The scheme will also be enhanced to provide two tiers of support - a base tier to provide support for pre-approved energy-efficient equipment up to a $30,000 cap, as well as an advanced tier to ...
Remember that business loans can be used for setting up new enterprise or stepping up (expansion, diversification, modernization, technology upgradation). These can be for the following: Acquisition of factory, land and construction of building spaces,
Couple accused of $2M bank fraud, Covid relief schemes as owners of Pick Up and Go Moving International expand The defendants allegedly lied on loan applications about PUGMI's income, gross ...
Details Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme of Government of India. The scheme facilitates micro credit/Loan up to Rs. 10 lakhs to income generating micro enterprises engaged in the non farm sector in manufacturing, trading or service sectors including activities allied to agriculture such as poultry, dairy, beekeeping, etc.
Pradhan Mantri MUDRA Yojana (PMMY) Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon'ble Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance ...
Step 1: Go to the nearest bank that is part of the Mudra loan scheme. Step 2: Present your business plan or concept. Step 3: Submit a completed MUDRA loan application form. Step 4: Submit any additional documentation, such as identity and address proof, company address proof, balance sheets, caste certificate, IT returns, sales tax, and so on.
SouthState reported $24.9 million in net charge-offs in 2023 or .08% of its total loan portfolio, but loans in nonaccrual status more than doubled, financial statements show.
1. MSME Loan in 59 Minutes This scheme, also known as PSB Loan in 59 minutes, launched by the Government of India in which introduced a quick business loan portal for the individuals who need to expand their existing business. Must Read: Everything You Need to Know about Business Loan
What you need to know about small business grants. SBA does not provide grants for starting and expanding a business. SBA provides grants to nonprofit, Resource Partners, and educational organizations that support entrepreneurship through counseling and training programs. SBA only communicates from email addresses ending in @sba.gov. If you are ...