Adani Foundation at ACC Madukkarai facilitates financial aid for nearly 400 street vendors through PM SVANIDHI Scheme

(MENAFN- Adfactors PR) Bengaluru, 6 January 2024: ACC, the cement and building material company of the diversified Adani Portfolio, along with the Adani Foundation is empowering street vendors in Madukkarai by facilitating the Government of India's PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANIDHI) scheme. The Company, through this initiative, has supported nearly 400 vendors, helping them access crucial financial assistance to grow their businesses and improve their livelihoods.

ACC and the Adani Foundation’s Madukkarai team has been facilitating various government schemes through its flagship programme, ‘Meri Sangini Meri Margdarshika’ (MSMM). Since the beginning of the financial year, nearly 400 vendors in Madukkarai Municipality have applied for PM SVANIDHI loans. Of these, 290 vendors who successfully repaid earlier loans have been granted an additional loan of Rs. 50,000 at a subsidised rate. To date, Rs. 1.46 crore has been disbursed.

The PM SVANIDHI scheme provides micro-credit to urban street vendors, enabling them to recover and rebuild their businesses, especially after the economic challenges posed by the COVID-19 pandemic. Vendors, essential to the urban informal economy, offer goods and services at affordable prices, but many of them faced capital shortages. This scheme helps them restart their businesses and support their families.

Through this initiative, ACC strengthens its commitment to financial inclusion and grassroots entrepreneurship. The Foundation will continue working with local communities to provide essential resources, ensuring small business owners thrive and sustain their livelihoods.

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