Finance
Odisha has increased government efforts to improve the lives of street vendors by providing access to affordable loans under the PM-SVANidhi scheme. Housing & Urban Development Minister Krushna Chandra Mahapatra delivered loan sanction cards and newly launched credit cards to qualifying businesses on Friday, as part of a statewide outreach initiative.
The project aims to assist small traders in restarting and scaling their enterprises by providing accessible, collateral-free working financing. PM-SVANidhi offers merchants an initial loan of ₹15,000, with greater limits of ₹25,000 and ₹50,000 for those with timely payback and a strong credit record. The credit card facility enables for continued access to funds without the requirement for new applications.
According to officials, the plan has garnered significant traction in Odisha. Over 1.1 lakh loans have already been disbursed across the state, primarily to street vendors operating in metropolitan local bodies and municipal districts. The programme is being undertaken in collaboration with banks and metropolitan municipal governments.
In addition to credit, the state connects beneficiaries to a variety of social security programs to increase financial stability. Thousands of vendors have been enrolled in accident and life insurance programs, while others have been linked to Jan Dhan accounts, ration portability benefits, and pension plans for unorganized workers.
