Neemuch (Madhya Pradesh), April 12 (IANS) Pradhan Mantri Mudra Yojana (PMMY), a welfare scheme launched by Prime Minister Narendra Modi, has become a catalyst for small business growth in Neemuch, Madhya Pradesh. Beneficiaries here are flourishing after receiving loans of up to Rs 20 lakh with minimal documentation and no collateral.

The PMMY, launched on April 8, 2015, aims to provide easy access to credit for young entrepreneurs and small business owners. Under the scheme, non-corporate, non-farm micro/small enterprises can avail loans from commercial banks, regional rural banks, small finance banks, microfinance institutions, and NBFCs.

Many young entrepreneurs in Neemuch have expanded their businesses by availing of this loan facility. Saurabh Bhavrela, owner of Neemuch Workshop and Auto Parts, told IANS, “I took a Mudra loan two and a half years ago. The process was simple and required minimal documentation. I received Rs 50,000, which I used to stock up my shop. It helped me increase my profits. This scheme by the Prime Minister is extremely beneficial for small businessmen like me.”

Suraj Solanki, engaged in marble and construction work, said: “I’ve been in the marble and construction business for years. To expand, I applied for a Mudra loan and was granted Rs 5 lakh. What’s great is that I got the loan without offering any property as collateral. I’m now successfully running and growing my business.”

Shambhu Lal Lakshkar, a resident of Dwarkapuri, who runs a bangle-making and wholesale business, said, “I received a loan of Rs 4.7 lakh through PM Mudra Yojana. The process was smooth, required very few documents, and most importantly, no guarantee or collateral was needed. With the loan amount, I was able to expand my business operations effectively. I sincerely thank Prime Minister Modi for launching such a commendable scheme.”

The stories from Neemuch showcase how the Mudra Yojana is changing lives, fostering entrepreneurship, and enabling people to run sustainable businesses — all with the ease of getting credit without collateral.