The Kudumbashree District Mission has sanctioned loans to 4,000-odd street vendors in the district under the Central government’s PM Street Vendors AtmaNirbhar Nidhi, popularly known as PM SVANidhi.
The PM SVANidhi is a micro-credit scheme offered by the Ministry of Housing and Urban Affairs to the large unorganised sector of street vendors. The scheme initially offers a working capital of ₹10,000, incentivises regular payment, and rewards digital transactions.
The scheme is meant to open up new opportunities for street vendors and to help them move up the economic ladder. The street vendor category comprises a wide variety of jobs, including barber shops, cobblers, pan shops, and laundry services.
The scheme was launched to help street vendors resume their business that was shattered during the COVID-19 pandemic.
Kudumbashree District Mission coordinator Jaffar K. Kokkooth said the initial payment of ₹10,000 was made with a 7% interest subsidy. He added that those who made the repayment in time would be given an aid of ₹20,000 and a third instalment of ₹50,000. “Besides, they will get a cashback of up to ₹1,200 a year for online payments,” said Mr. Kakkooth.
Those who took part in a survey of street vendors held in municipalities and those who got identity cards and vendor certificates can apply for loan under the PM SVANidhi scheme. The street vendors who were not included in the survey and Kudumbashree entrepreneurs can apply with a letter of recommendation from the Municipality.
Mr. Kakkooth said Kudumbashree volunteers were appointed to bring as many street vendors into the scheme.
