- The objective of the Credit Enhancement Guarantee Scheme for SC is to promote entrepreneurship amongst the Scheduled Castes, by providing Credit Enhancement Guarantee to Banks and Financial Institutions (FIs), who shall be providing financial assistance to these entrepreneurs.
- The Government has initially allocated a corpus of Rs.200 crore for the Scheme, out of which the guarantee shall be extended to Banks & FIs. IFCI Ltd is the Nodal Agency under the Scheme, to issue the guarantee to the Banks & FIs.
- Under the Scheme, Companies, Partnerships, Societies & Proprietorship firms belonging to Scheduled Castes are eligible for loans.
- Since the Scheme was launched in May 2015, only 3 SC entrepreneurs whom Bank has given loan have been covered under the Credit Enhancement Guarantee Scheme for Schedule Castes and projects of 57 entrepreneurs have been approved under the Scheme of Venture Capital Fund for Scheduled Castes (VCF-SC).