Top 5 Business Funding Schemes for Women Entrepreneurs
The 21st is the era of equality. Every individual irrespective of their gender has the right to pursue his/her dreams especially when it comes to business. Even our beloved leader Mr. Narendra Modi has been talking women empowerment and about launching business funding schemes for women entrepreneurs, enabling them to venture on their entrepreneurial journey easily. To be honest, when our PM made such promises his aim was to create a competitive environment that could boost the growth of Indian economy along with promoting equal participation by Indian women.
To fulfill their promise, the Modi government launched a couple of business funding schemes for women entrepreneurs during their governance. The same is expected to help women entrepreneurs across all categories, from owners of micro and small enterprises to owners/partners of major SME businesses.
To name a few, below are some Business Funding Schemes for Women Entrepreneurs that are worth a look.
1. Stree Shakti
The Stree Shakti Business Funding Scheme by the State Bank of India is available for women entrepreneurs who have at least 50% ownership in any small and medium size business. The applicant will get a concession of 0.5% p.a on business loan exceeding Rs 2 lakh. Plus, no security is required for loans up to Rs 5 lakh in case of tiny sector units.
2. Mahila Udyam Nidhi Scheme
Mahila Udyam Nidhi Scheme, this Business Funding Schemes for Women Entrepreneurs is available for women entrepreneurs owning a small scale business or having more than 50 percent stakes in it. According to this scheme, the applicant can obtain a maximum sum of 10 lakh as a loan with a repayment tenor of up to 10 years.
3. Mudra Yojana Scheme for Women
This particular scheme is good for a group of women entrepreneurs willing to take a risk and start a small business like a beauty parlor, a hair cutting salon, or a massage parlor etc. This scheme will help the group of women entrepreneurs obtain a business loan worth in between Rs 50,000 to Rs 10 lakh depending on the eligibility and creditworthiness.
4. Udyogini Scheme:
Going by the name, the business funding scheme: Udyogini Scheme is for women entrepreneurs who already own a business. It provides eligible women entrepreneurs who are into retail, self-employed ventures, and trade market with sufficient funding to meet their business needs. They can avail a quick business loan at competitive interest rates along with flexible terms through this scheme.
5. Annapurna Scheme
This particular business funding schemes for women entrepreneurs support eligible women who are into food and catering business. The same is also available for applicants who are yet to start their business in the respective sector. Furthermore, the last thing to keep in mind is that the maximum amount offered according to this scheme is Rs 50,000 for a tenor of 36 months. The money can be used for varied purposes like buying kitchen equipment, paying for promotion activities, pay the laborers etc.
All the above-mentioned business funding schemes for women entrepreneurs are accessible from any bank or from the respective departments providing the schemes. You can visit the website directly and check the terms and conditions before physically visiting either of the two aforementioned places and apply for the loan.