New Delhi, Nov 12 (NationPress): The Department of Financial Services (DFS), under the Ministry of Finance, has officially introduced the Startup Common Application Journey on the Jan Samarth Portal during a review meeting with public sector banks held on Wednesday.

This innovative portal offers a singular digital interface for startups seeking credit from all public sector banks. It facilitates startups in applying for loans, comparing offers, and monitoring their applications effortlessly through a unified digital experience.

Supported by a Model Loan Scheme, this initiative grants loans of up to Rs 20 crore through the Credit Guarantee Scheme for Startups (CGSS by NCGTC), which operates under the Department for Promotion of Industry and Internal Trade. The platform consolidates various data sources such as PAN, GST, Udyam, ITRs, and Credit Bureaus, ensuring expedited processing and heightened transparency. Additionally, special interest concessions are available for women entrepreneurs, further enhancing inclusivity.

The application form was unveiled by DFS Secretary M. Nagaraju, accompanied by senior departmental officials, the Indian Banks’ Association (IBA) Chairman, Managing Directors and CEOs from public sector banks, the Managing Director & CEO of PSB Alliance, and senior IBA officials. The Startup Common Application Journey has been developed through collaboration between the IBA and the PSB Alliance.

This launch signifies a pivotal advancement towards establishing a collaborative, technology-driven ecosystem for India’s burgeoning startup sector, underscoring the government’s dedication to empowering entrepreneurs in line with the vision of Viksit Bharat 2047.

The Startup loan Application form can be accessed at: https://www.jansamarth.in/business-loan-startup-scheme

The Indian government is also initiating financing options to enhance startups through various schemes such as the Startup India Seed Fund Scheme (SISFS) for early-stage development and the Fund of Funds for Startups (FFS), which provides equity-based funding. Other available options include the MUDRA Loan Scheme for small businesses, the Credit Guarantee Scheme for Startups (CGSS) to mitigate loan risks, and specific initiatives like SAMRIDH and the Atal Innovation Mission. These programs offer grants, loans, and venture capital to back startups at various stages.

India has now positioned itself as the third-largest startup ecosystem globally, boasting over 1.59 lakh government-recognized startups and more than 100 unicorns, with significant innovation hubs like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR.