Sheikhpura, Dec 17 (NationPress) The Central government’s welfare-driven Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme has become a source of inspiration for street vendors and footpath merchants, enabling them to become self-sufficient and liberating them from the persistent burden of high-interest loans from moneylenders.

Previously, street vendors had no choice but to acquire loans at outrageous interest rates from local moneylenders to sustain their small businesses. This financial dependency kept them ensnared in debt and poverty.

The PM SVANidhi Scheme has provided them with the means to escape this cycle by offering accessible and affordable credit. This assistance has allowed them to grow their businesses and achieve a dignified living.

Bipin Kumar, who operates a clothing store close to Patel Chowk in Bihar’s Sheikhpura Municipal Council area, shared his story of how the scheme has positively impacted him.

In an interview with IANS, Bipin expressed that he previously lacked the financial resources to manage his shop. Financial limitations were his primary hurdle, despite his willingness to work hard. Upon discovering the PM SVANidhi Scheme, he applied through the Municipal Council and received financial support.

Now, he successfully runs his clothing business, his earnings have increased, and he can provide for his family with pride.

“I used to struggle to cover my daily expenses, but our circumstances have drastically improved. I aim to take a larger loan under this scheme in the future to further grow my business,” said Bipin Kumar, showing his appreciation to Prime Minister Narendra Modi for this initiative.

The scheme has also provided relief to vulnerable and differently-abled families. Shobha Devi, a resident of Kashipuram, and her husband Shambhu Yadav are both physically challenged.

Previously, they relied on loans from moneylenders to operate small businesses, which led to severe financial difficulties. After learning about the PM SVANidhi Scheme, Shobha Devi applied for a ₹10,000 loan for self-employment.

With this funding, the couple started a business independently, without the need for moneylenders. The scheme has not only granted them financial support but has also renewed their hope and confidence to lead a self-sufficient life.

Similarly, Anita, another resident from Kashipuram, informed IANS that she secured a ₹10,000 loan through the PM SVANidhi Scheme.

“With this funding, we are thriving from our shop and can ensure our children receive an education. This scheme has genuinely changed our lives,” she remarked, commending Prime Minister Narendra Modi for launching a program that empowers the underprivileged.

Usha Devi's story is another testament to resilience. Once facing severe hardships, she now represents self-reliance as she operates a tea stall and earns a consistent income. Usha Devi recounted that she had no stable source of income before receiving assistance through the PM SVANidhi Scheme, which transformed her life. She expressed her gratitude, stating that the scheme has been a blessing for impoverished families and small vendors.

Providing official data, Sheikhpura Municipal Council Executive Officer Vinay Kumar stated that 1,092 beneficiaries have been granted loans under the PM SVANidhi Scheme.

Under PM SVANidhi 1.0, beneficiaries received an initial loan of ₹10,000. In PM SVANidhi 2.0, eligible vendors can now obtain ₹15,000, and those who repay their previous loans promptly may qualify for loans up to ₹25,000. In subsequent phases, beneficiaries could potentially access loans of up to ₹2 lakh.