Stalin launches scheme to distribute loans to self-help groups

“The government has fixed a target of distributing loans to the tune of Rs 20,000 crore to SHGs this year and so far Rs 6,777 crore has been distributed. The total loan distribution will reach Rs 10,000 crore by the end of this month. Officials have been directed to hold special camps to expedite the process,” said Stalin.

The CM also said revolving funds in SHGs is an important aspect as Rs 87.39 crore has been released this year as the capital fund for 17,479 SHGs. Similarly, 5,838 SHGs run by differently-abled persons were allotted Rs 14.59 crore this year.

For the first time in the country, Tamil Nadu announced a target for loan distribution for SHGs in 2007 and so far Rs 1.04 lakh crore has been distributed to 36.97 lakh SHGs.

Claiming that his government, from day one, was implementing various welfare measures for women, including free bus travel and loan waiver for jewellery below five sovereigns pledged in co-op societies, he said loan distribution to SHGs, in which 75 per cent of members are women, would instil confidence in women towards becoming entrepreneurs.