Neemuch (Madhya Pradesh), April 12 (NationPress) The Pradhan Mantri Mudra Yojana (PMMY), a welfare initiative introduced by Prime Minister Narendra Modi, has emerged as a significant driver for small business development in Neemuch, Madhya Pradesh. Recipients in this region are thriving after securing loans of up to Rs 20 lakh with minimal paperwork and no requirement for collateral.

Initiated on April 8, 2015, the PMMY's goal is to facilitate easy credit access for young entrepreneurs and small business proprietors. This scheme allows non-corporate, non-farming micro/small enterprises to obtain loans from various financial institutions including commercial banks, regional rural banks, small finance banks, microfinance organizations, and NBFCs.

A number of young entrepreneurs in Neemuch have successfully expanded their businesses by utilizing this loan opportunity. Saurabh Bhavrela, proprietor of Neemuch Workshop and Auto Parts, shared with IANS, “I secured a Mudra loan two and a half years ago. The application process was straightforward and needed minimal documentation. I received Rs 50,000, which I invested in stocking my shop. This support significantly boosted my profits. This initiative by the Prime Minister is incredibly advantageous for small entrepreneurs like myself.”

Suraj Solanki, who works in the marble and construction sector, remarked: “Having been in the marble and construction business for several years, I applied for a Mudra loan to grow my operations and was granted Rs 5 lakh. The best part is that I did not have to provide any property as collateral. My business is now thriving.”

Shambhu Lal Lakshkar, a Dwarkapuri resident running a bangle-making and wholesale business, expressed, “I received a loan of Rs 4.7 lakh through the PM Mudra Yojana. The application was seamless, required very few documents, and most importantly, no guarantee or collateral was necessary. With these funds, I effectively expanded my business operations. I am deeply grateful to Prime Minister Modi for launching such an excellent initiative.”

The narratives from Neemuch highlight how the Mudra Yojana is transforming lives, nurturing entrepreneurship, and empowering individuals to operate sustainable businesses—all facilitated by the ease of obtaining credit without the burden of collateral.