English Bazar Municipality launches low-interest loans for small street vendors

Malda: The English Bazar Municipality has introduced a special loan initiative to support street vendors and ultra-small traders who earn their livelihood by selling goods on the roadside. The move aims to boost micro-business growth and strengthen the financial independence of vulnerable earners, municipal officials said.

Municipal Chairman Krishnendu Narayan Choudhury held a meeting with street vendors and hawkers recently to explain the benefits of the scheme, which is being offered under the Prime Minister Street Vendor’s Atmanirbhar Nidhi (PM-SVANidhi). The state government has also extended support to the initiative.

“Forms for availing the loan are being distributed on the third floor of the English Bazar Municipality building. The interest rate is very low, and there are subsidy options for timely repayment,” Choudhury said, adding that beneficiaries who repay their loans on time will be eligible for larger loan amounts in the next cycle. The scheme is open to roadside tea sellers, vendors of snacks like phuchka and jhalmuri, fruit and vegetable sellers, fish vendors, peanut sellers and anyone engaged in small businesses. The loans will be provided through various nationalised banks. “If any bank refuses to sanction the loan, the municipality has the authority to intervene,” the Chairman added.

According to municipal sources, under the PM-SVANidhi scheme, vendors can receive Rs 15,000 in the first phase, Rs 25,000 in the second phase, and up to Rs 50,000 in the third phase. A 7 per cent interest subsidy will be provided, along with cashback incentives for digital transactions.

To apply, vendors must submit photocopies of their Aadhaar card, voter card, the first page of their bank passbook and a passport-size photograph. An Aadhaar-linked mobile number and verification of original documents are mandatory. Choudhury cautioned that the municipality will take legal action if beneficiaries fail to repay the loan.

“This is a rare opportunity for small traders to grow their business with minimal financial burden. We expect responsible participation,” he said.