G Noida authority to give loans to street vendors who suffered losses due to Covid-19 pandemic

The Greater Noida industrial development authority (GNIDA))will give loans to street vendors whose livelihood has been affected due to the coronavirus (Covid-19)

The Greater Noida industrial development authority (GNIDA))will give loans to street vendors whose livelihood has been affected due to the coronavirus (Covid-19) pandemic under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.

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The scheme will be available for street vendors, who are operating in the city and in need of working capital. Those who need financial assistance can apply under the scheme from October 22 to October 28. Under the scheme, a vendor can get up to ₹10,000 loan for one year at subsidised interest rate of 7%, without collateral.

“The street vendors, who want to get the financial assistance can apply for the scheme and then the authority will process the applications and do the needful as per policy,” said Deep Chandar, additional chief executive officer, GNIDA. “However the scheme will be only for vendors registered with GNIDA and to whom GNIDA has given a license to operate in the city.”

Around 500 street vendors are registered as they have a license said GNIDA. In Noida there are at least 3000 licensed street vendors.

GNIDA’s senior manager working in each working circle will accept the applications from the street vendors. “The banks will charge usual interest rate as prevailing in the market. We will do verification of all street vendors to check if they are having a license and registered with us or not,” said Chandar.

The authority said interested vendors can apply either at senior manager office located in each circle or at main administrative office in sector Knowledge Park-IV.

Street vendors were earlier during the Covid 19 pandemic were provided with ₹1,000 financial aid during nationwide lockdown as their businesses were shut.

“The working capital of ₹10,000 will help us because our business was completely shattered due to Covid 19 pandemic,” said Ram Prakash a street vendor who operate in sector 6.