VISHAKAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has disbursed loans worth Rs 12.95 crore to 6,517 street vendors under the PM SVANidhi scheme to support their businesses and livelihoods, GVMC Project Director (UCD) B.V. Ramana said on Monday.
He said the corporation is taking steps to facilitate bank loans for another 4,000 street vendors in a phased manner.
Speaking at a meeting with Town Vending Committee members at the Bheemili Zonal Office, held under the supervision of Bheemili Zonal Commissioner Ippi Naidu, Ramana said the scheme aims to provide street vendors with access to credit and bring them into the formal financial system.
Under the scheme, street vendors can avail themselves of loans of up to Rs 15,000 in the first tranche, Rs 25,000 in the second and Rs 50,000 in the third.
The Project Director has urged vendors to use the loans to develop and expand their businesses.
The scheme is being implemented through the GVMC Urban Community Development (UCD)/MEPMA Department. Ramana said credit cards have been issued to 25 street vendors so far.
He added that efforts were being made to link street vendors with banking services, insurance and social security schemes, including the Pradhan Mantri Jeevan Jyoti Bima Yojana