Men have always dominated entrepreneurship, but in the twenty-first century, it has changed dramatically. Women entrepreneurs in India are also at an all-time high thanks to significant societal shifts and women leaving their families to forge their identities. Each of these women – Falguni Nayar, the creator of Nykaa, Suchi Mukherjee, the brains behind Limeroad; and Radhika Agarwal, the creator of Shopclue – proved that the sky’s the limit.
Women are capable of the highest levels of accomplishment as individuals. Every time a woman has entered the world of business, they have opened up a whole new area for expansion and opportunity.
The Indian government has also made a significant effort to encourage female entrepreneurs. Currently, it’s simple for women to apply for business financing through numerous programs. An initiative by the government and financial institutions is assisting women in showcasing their individuality through their business endeavours.
1. Mudra
The Pradhan Mantri Mudra Yojana (PMMY) is a government program for women entrepreneurs to promote an entrepreneurial culture. It offers a loan amount of ten lakhs and Mudra cards that function like credit cards, with 10% of the loan balance allowed.
Requirements
The Mudra Yojana loan is provided to entrepreneurs in non-farming, non-corporate, and non-agricultural fields, with no collateral required. Applicants must submit a full-proof business plan and other documents, such as identity proof, address proof, business registration certificates, and more.
2. TREAD Scheme
The Trade-Related Entrepreneurship Assistance Development (TREAD) Programme is one of the Government of India’s programs for women. It aims to safeguard women’s rights to entrepreneurship. The Indian government will provide up to 30% of the project’s funding through this women’s credit program, with the bank covering the remaining 70%.
This program offers training and counselling to help Indian women business owners hone their technical skills and strengthen their capacity.
Requirements
Details on the funding source. Verified documents on identities and addresses. Should have expertise managing projects that focus on advancing women’s interests and the economy.
3. Mahila Udyam Nidhi Scheme
MUN, or the Mahila Udyam Nidhi Program, is a financial program made available by the Small Industrial Development Bank of India (SIDBI). Through financial support, this woman’s loan program strives to promote, develop, and empower female entrepreneurs. The program provides women with low-interest financing for their businesses.
The funding available under this program can be used by micro, small, and medium-sized businesses (MSMEs) for projects, including production, services, and manufacturing. Women entrepreneurs in India are eligible for loans up to 10 lakhs, which can be used to launch a business or improve an existing one.
Requirements
Women entrepreneurs in India can apply for a loan of up to ₹ 10 lakhs for business improvement, expansion, technological upgrade, and diversification.
4. Stree Shakti Package for Women Entrepreneurs
The Stree Shakti Program provides support and concessions to female entrepreneurs, with a primary eligibility requirement of 50% ownership. The Stree Shakti Women Entrepreneur Scheme offers discounts to women in retail commerce and self-employed professions.
Requirements
Women entrepreneurs must own more than 50% shares of the business to qualify for loans, and balance sheets must be submitted for the last three years with ITR and other documents.
5. Pradhan Mantri Rozgar Yojana
It is one of the government’s initiatives to empower women and provide long-term self-employment opportunities. The program was initially launched in 1993 to assist by giving entrepreneurs financial aid for beginning their firms. This program is open to women and young people between the ages of 18 and 35. The government-sponsored program will promote more independently founded businesses in the manufacturing, trade, and service industries.
Requirements
By the eighth grade, the female applicants should have finished their studies. The candidate must have been a resident of their current location for at least three years. For loans up to Rs. 1 lakh, collateral is not necessary. The family’s annual income should be at least 40,000 and no more than 1 lakh. Not having a payment default history with any financial institution. Should not be working.
6. Synd Mahila Shakti Scheme
Synd Mahila Shakti Program, a women’s financing program offered by Syndicate Bank, aims to encourage female entrepreneurship in the nation. With this program, company owners can receive financial support for women operating small businesses, independent contractors, professional firms, and retail businesses.
With lending facilities, the bank assists female business owners. The primary goal of the business loans for women program is to provide credit options and aid in meeting working capital needs for both new and established enterprises.
Requirements
Women should have a technical background, a 50% financial stake, and a prominent position in both public and private companies.
7. Dena Shakti
Dena Bank offers a business lending program for female entrepreneurs, providing low-interest rates and tailored loans to meet working capital requirements.
Requirements
Women entrepreneurs should hold ownership of more than 50% stakes in enterprises/businesses, have valid proof of address, identity, and right, and not be defaulters of financial institutions.
8. Cent Kalyani
Cent Kalyani is a loan scheme offered by the Central Bank of India to help women entrepreneurs start their businesses, expand their existing ones, or find employment opportunities. It aims to procure equipment and machinery, meet capital needs, and maintain cash flow.
Requirements
To be eligible for the loan, all KYC documents must be current and valid. Both the balance sheet and the profit and loss statement must be submitted. The applicant and defaulter should have no criminal records against them in any financial institution.
Conclusion
Women entrepreneurs in India are gaining a competitive edge due to their employment in the business sector, financial freedom, and platform to showcase their managerial abilities. The Indian government and financial institutions are providing programs to help them achieve their objectives and improve the position of women in society.
FAQs
- Which industry is most lucrative for women?
Ans: Independent photographer, interior designer, yoga teacher, jewellery manufacturer, chef, stylist, nutritionist, and trainer.
- Can a woman easily obtain a business loan?
Ans: Women are less likely to be approved for small-business loans than men, but resources like Women’s Business Centers can help bridge the gap.
- How can a woman obtain financing to launch a business?
Ans: The Pradhan Mantri Mudra Yojana offers three loan choices for new and established businesses.
Also read: Signs of A Smart Woman
