Gandhinagar, Aug 8 (IANS): Lending institutions have disbursed over Rs 522 crore to street vendors in Gujarat under the PM SVANidhi scheme till August 3.  

Under the scheme, the Union Ministry of Housing & Urban Affairs (MoHUA) has set a target to disburse loans to 4 lakh street vendors in Gujarat and so far, over 5.4 lakh applications have been received from the state.

It is worth noting that no funds are directly allocated to the states or Union Territories under the scheme. Instead, the loans are disbursed directly to the deserving beneficiaries by lending institutions.

Of the total applications received, loans have already been sanctioned to over 4.12 lakh applicants, and more than 3.99 lakh beneficiaries have received financial support to fuel their entrepreneurial dreams.

Officials attribute this feat to the efforts of the Urban Local Bodies (ULBs) in the state, who have played a pivotal role in mobilising applications and facilitating the seamless sanction and disbursement process under the scheme.