In Vadodara, the Pradhan Mantri Street Vendors Atmanirbhar Nidhi Yojana (PM SVANidhi) has kicked off, aiming to stimulate the local economy by providing business loans to urban street vendors, commonly referred to as Feriyabhai. A survey has been launched to identify 13,614 potential recipients, contributing to the overall goal of financially empowering 31,980 vendors within Vadodara's city limits.

To date, the scheme has approved and disbursed loans to 18,366 vendors, allowing them to establish their businesses without the need for collateral. The loans, carrying a 7% interest rate and repayable over a year, are intended to give vendors the capital needed to build a viable and sustainable livelihood.

The PM SVANidhi scheme, facilitated through the online PM Swanidhi portal and partner banks, operates in phases. The initial loan of Rs 10,000 is granted to the vendor, and upon successful repayment, the amount is increased to Rs 20,000 in the second phase and Rs 50,000 in the third phase.

By November last year, the scheme had distributed Rs 10,000 loans to 17,746 vendors, Rs 20,000 loans to 2,961 vendors, and Rs 50,000 loans to 36 vendors. This central government initiative seeks to make urban Feriyabhai financially robust and self-sufficient.

Efforts have been ramped up to reach the remaining 13,614 beneficiaries. The Vadodara Municipal Corporation has invited interested vendors to fill out the loan assistance application form at the UCD Project Branch Office in Salatwara, Vadodara. Vendors who have already submitted their loan forms have been instructed to follow up with their respective bank branches.