Female entrepreneurship is growing in India, where there are more than 15.7 million women-owned businesses, and women are driving the start-up ecosystem. This figure is expected to increase by 90% during the following five years. Despite their growing zeal, women entrepreneurs continue to encounter a multitude of hurdles, including gender bias, a lack of capital, and inadequate support.
The government has launched some major schemes. The scheme has been explained in detail.
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Women Entrepreneurship Platform (WEP)
Women Entrepreneurship Platform (WEP) which was established by Niti Aayog in 2017. Its main objective is to bring women together to realize their entrepreneurial aspirations. Through wep, women can start their own business. In this, they are provided all kinds of support by the government. Facilitation will be provided. There are some key points which are given in Women Entrepreneurship Forum.
Benefits of the Female Entrepreneurship Platform
WEP wants to support female entrepreneurs with benefits such as:
- It provides money and financial support.
- There are numerous mentorship and skill training programmes available.
- WEP also provides marketing advice.
- It provides a network of like-minded, talented entrepreneurs to assist emerging leaders.
Features of the Female Entrepreneurship Platform
The three pillars of the Female Entrepreneurship Platform are as follows:
- Karma Shakti: provides practical assistance in starting and developing a business idea.
- Iccha Shakti: inspires female entrepreneurs to build their own businesses.
- Gyaan Shakti: promotes women’s business by providing information and creating a welcome environment.
Eligibility criteria for the female Entrepreneurship Platform (WEP)
Women entrepreneurs that meet the following criteria are eligible for this programme:
- Women have successful startups.
- Those who own a new business
- Women have business concepts
Mahila Coir scheme
The main objective of Mahila Coir Scheme is to create a women oriented self-employment in the coir industry. In which self-employment is provided to rural women artisans in coir fiber producing areas. Coir fiber production in India has increased significantly in the last 2 decades, hence converting coir fiber into yarn at motorized rates in rural households is becoming a large scale business.
There is scope for employment, improvement in quality, better working conditions and higher income. The requirements of balanced regional development will be kept in mind. Mahila Coir Scheme is being implemented by the Government through Coir Board under its Coir Scheme.
Benefits of the Mahila Coir scheme
- In this scheme only women artisans will be provided training.
- Under this scheme, rural development women in the coir fiber producing areas of the country are given training in coir yarn cutting and various coir processing activities.
- Under the scheme, financial assistance is provided for purchase of machines and equipment for which the maximum project cost is up to Rs 25 lakh.
- The trained women will be urged to seek support from CVY (which has been integrated with PMEGP) to establish a unit or begin self-employment. The PMEGP will give the coir sector with year-by-year targets. The Coir Board will provide necessary handholding support to women artisans seeking PMEGP assistance through its field officer.
Features of the Mahila Coir Scheme
- The Mahila Coir Yojana provides a 75% subsidy on coir yarn spinning ratts, coir processing equipment, industrial goods, and so on.
- provide self-employment to rural women artisans in coir fibre-producing regions, allowing them to earn higher returns through increased productivity and quality. Providing workers with a better working environment and removing the drudgery associated with traditional spinning and product manufacturing.
- purpose to instill quality consciousness in workers at the grassroots level and educate them on suitable procedures of manufacturing high-quality fibre, yarn, and goods.
- Create awareness among coconut growers, businesspeople, and others about the need to establish coir-based units and modernise existing ones in order to improve productivity and quality while also increasing revenues.
- Contribute to job creation in rural areas of the coconut-producing states.
Eligibility criteria for the Mahila Coir scheme
- Only one artisan per household is eligible for support under the initiative.
- Women artisans must have completed coir yarn spinning training at any of the Coir Board’s training centres.
Mudra Loan Yojana
PM Mudra Loan Scheme has been started by the government to enable all citizens to start their own business in the country. 3 lawn schemes are offered under Mudra. Whose names are Shishu, Kishore and Tarun, through PM Mudra Lawn Scheme, you can take a loan ranging from Rs 50,000 to Rs 10 lakh. To take Mudra Loan, the applicant does not need any kind of security in the bank or loan institutions.
The loan can be paid for 5 years. Under this scheme, the government is providing loans to the needy citizens with easy terms and conditions of the banks. The government is promoting PM Mudra Yojana more on female entrepreneurs. The government is easily providing lawns to women who want to start their own business.
Benefits of Mudra Loan
- Loan that does not need collateral Banks and NBFCs do not demand any collateral or security to be placed
- Low interest rates and zero to minimal processing expenses
- Interest rate reductions for female entrepreneurs
- Loans covered by credit guarantee schemes from the government of India.
- This can be utilised for term loans, working capital loans, and overdraft facilities.
- Mudra Loans are available to all non-farm enterprises, including small and micro businesses.
- People from the Scheduled Caste/Scheduled Tribe/Minority categories are eligible for Mudra Loans at preferential interest rates.
How will women get Mudra loan?
The Mudra plan under PMMY encourages women to start businesses, and banks, NBFCs, and Micro Finance Institutions (MFIs) offer collateral-free business loans to female entrepreneurs at low interest rates. Women entrepreneurs can get up to Rs 10 lakh under the Mudra Scheme. A loan of up to Rs. 1000 is offered, with repayment terms of up to 5 years. The Mudra Loan eligibility conditions for women are the same as those for people and enterprises. The loan amount sanctioned for women entrepreneurs carries very low or nil processing fees.
Dena Shakti Scheme
Dena Shakti scheme, whose main objective is to make women financially independent, recognizes the important role of women in growing and developing the country’s economy and supports and encourages women-owned businesses. Dena Bank which is now a part of Bank of Baroda opens doors to aspiring and established female entrepreneurs by providing them financial support and necessary equipment. If you are a woman entrepreneur trying to grow your business then this scheme will help you in getting loan. It will help in growth in your business.
Interest Rates: female entrepreneurs receive a 0.25% discount on base rates for business loans. This lower interest rate makes borrowing more accessible.
Loan Amount
Agriculture: Up to ₹20 Lakhs.
Up to ₹20 Lakhs in direct and indirect financing for manufacturing, retail dealers, and small businesses.
Retail traders and micro-credit holders can get up to ₹50,000 under micro-credit schemes.
Loan Period: The payback term is adjustable, extending up to ten years.
Combo Loan: The strategy combines working capital and term loans, enabling entrepreneurs to successfully manage their business demands.
Eligibility criteria for Dena Shakti Scheme
- You must be the owner of a small business in the retail, agriculture, microenterprise, or manufacturing industries.
- If you work as a self-employed professional, such as a chartered accountant, architect, or doctor.
- You should either run the entire firm or own at least 50% of it.
- You should also participate in Entrepreneurship Development Programmes (EDP) run by various governmental agencies.
- The amount granted for these small business loans will also vary depending on the nature of the business.
- The maximum amount provided under the Dena Shakti initiative is ₹20 lakh.
Sectors Covered By Dena Shakti Yojana
- Growing, producing, harvesting, and land maintenance are all aspects of agricultural activities.
- In the manufacturing sector, MSMEs are responsible for labour, raw material processing, chemical processing, and machinery.
- MSME in the service sector includes self-employed individuals, small business owners, and all other service businesses.
- Academics
- Retailing
- Microcredit
Stree Shakti Scheme
SBI Stree Shakti Scheme was started by the Central Government with the help of State Bank of India to empower women. The main objective of this scheme is to promote Female entrepreneurship. Under this scheme, financial support will be provided to women. Women SBI Stree Shakti You can start your own business under the scheme. Under this scheme, State Bank of India provides loan up to Rs 25 lakh.
The main objective of starting SBI Stree Shakti Yojana is to make women self-reliant in India by starting their own business. For this, SBI Bank will provide a loan of up to Rs 25 lakh so that women can start their own business and make their future bright by getting a loan. Through this scheme, women empowerment will be promoted as well as the economic status of women in the society. will also be improved.
Benefits and features of SBI Stree Shakti Loan Scheme
- SBI provides financing facilities to women in the country to launch their own businesses through the Stree Shakti Yojana.
- Women can start their own businesses thanks to this plan, which provides them with a loan at a very low interest rate.
- Under the SBI Stree Shakti Yojana, qualifying women can easily obtain a loan of up to Rs 25 lakh to start their own businesses.
- The margin can be reduced by 5% if this loan for women is available in many categories.
- If a woman accepts a loan of Rs 2 lakh or more under this arrangement, she will pay 0.5% less interest.
- If the business loan is for Rs 5 lakh, you do not need to provide any type of guarantee.
- Under this programme, the annual interest rate for the working capital facility concessional margin is set at 4%.
- Under the Stree Shakti Yojana, loans ranging from Rs 50 thousand to Rs 25 lakh are made available to MSME businesses.
- This programme will help women in the country become more self-sufficient and empowered.
Eligibility Critera for SBI Stree Shakti Scheme
- The female applicant must be an Indian citizen in order to qualify for a business loan through the Stree Shakti Yojana.
- Only women will be eligible to apply for this plan.
- If a woman owns 50% or more of a firm, she can qualify for a loan.
- Women who work in small employee services such as doctors, accountants, and architects will be eligible for loans under this arrangement.
- This loan is also available to independent business units, such as retail service providers.
Gruha Lakshmi Scheme 2024, Check (DBT) Status
Cent Kalyani Scheme
The Central Bank of India has created a the Cent Kalyani Scheme. The primary goal of this Scheme is to encourage female entrepreneurs to start new enterprises or expand or upgrade existing ones. It is offered to women working in rural and cottage industries, small agricultural and related activities, medium and micro enterprises (MSME), self-employed women, government-sponsored programmes, and retail trade. Under this plan, the Central Bank lends money to Female entrepreneurs.
Cent Kalyani Scheme: Objective
The St. Kalyani Scheme strives to empower female entrepreneurs and encourage their growth in the economic world. The primary goals of the strategy are:
- Providing financial help and business financing to female entrepreneurs.
- Encourage women to become entrepreneurs.
- Promote women-owned MSMEs.
Eligibility Criteria and Other Restrictions for Cent Kalyani Scheme
The eligibility conditions for the Cent Kalyani Scheme are described in detail below.
•Woman entrepreneurs, above 18 years of age
•No income ceiling for assistance
Mahila Udyam Nidhi Scheme
The Small Industrial Development Bank of India (SIDBI) launched the Mahila Udyam Nidhi (MUN) Scheme to promote and strengthen female entrepreneurs while also furthering the cause of women’s entrepreneurship. This programme provides financial assistance with preferential interest rates, with the primary purpose of supporting and empowering women in business.
The PNB Mahila Udyam Nidhi Scheme provides funding to Micro, Small, and Medium Enterprises (MSMEs), allowing them to engage in a wide range of endeavours such as service supply, manufacturing, and production-related operations. This targeted financial assistance acts as a catalyst for the growth and profitability of women-owned enterprises, propelling them to success.
Features Of Mahila Udyam Nidhi Scheme
- The Small Industrial Development Bank of India (SIDBI) facilitates the Mahila Udyam Nidhi (MUN) scheme.
- The scheme’s principal goal is to nurture and empower female entrepreneurs while also advocating for Female entrepreneurship.
- This initiative provides financial assistance to women entrepreneurs at low interest rates, encouraging their participation in entrepreneurial enterprises.
- The funds granted by the Mahila Udyam Nidhi Scheme are versatile and can be used by Micro, Small, and Medium Enterprises (MSMEs).
- These money can be used for a variety of purposes, including service supply, manufacturing, and production-related endeavours.
- The scheme’s focus is on promoting and facilitating women’s participation in many areas of the economy, hence contributing to their economic independence and growth.
Eligibility criteria for Mahila Udyam Nidhi Scheme
- This financing is only available to female entrepreneurs who want to create or launch their own firm (MSME), SSIs, or Tiny Units.
- Women entrepreneurs should account for 51% of the company’s share.
- Loans are available for both existing and new MSMEs in the trading, service, and manufacturing sectors.
- MSMEs or small businesses with a minimum investment of Rs. 5 lakhs.
- MSMEs engage in activities such as expanding their enterprises, broadening their offerings, improving their operations, and updating their technology skills.
What is the Udyogini Scheme?
One of the Government of India’s main goals is to empower Indian women and make them Atma Nirbhar. As a consequence, the government established the Udyogini plan to provide financial help to aspiring female entrepreneurs in impoverished and rural parts of India.
Furthermore, this initiative provides financial help to impoverished women entrepreneurs who want to start a firm. Beneficiaries can use this scheme to get business loans to start new firms in a variety of industries. The government has urged financial institutions to provide interest-free business loans to women from all walks of life.
Benefits of the Udyogini Scheme
- The unit cost for women from Scheduled castes and tribes ranges from ₹1,00,000 to ₹3,00,000. The subsidy covers 50% of the loan amount, with a family income limit of less than ₹2,00,000 per year.
- Women in the special and general categories have a maximum unit cost of ₹3,00,000. The subsidy for special and general category women is 30%, with a maximum of ₹90,000/-. With EDP training for specific beneficiaries.
Eligibility Criteria for the Udyogini Scheme
- The applicant should be a woman.
- Applicants must have a family income of less than ₹1,50,000/- for women in general or special categories. There is no limit on family income for widowed or disabled women.
- All categories need applicants to be between the ages of 18 and 55.The applicant must be a permanent resident of Karnataka.
- The applicant should not have defaulted on any previous loans with any financial institution.
Bharatiya Mahila Bank
On Indira Gandhi’s 96th birthday, former Prime Minister Manmohan Singh established the Bharatiya Mahila Bank, which translates to “Indian Woman Bank.”As a result, India became the third country in the world to establish a women-only bank operated by women.
In 2017, Bharatiya Mahila Bank amalgamated with SBI as part of PM Modi’s financial reforms. However, it preserves its distinct traits and capabilities to assist women businesses all throughout India.
Benefits of Bharatiya Mahila Bank Business Loan
- Women entrepreneurs receive a 0.25 percent interest rate reduction.
- Provides a flexible payback period of up to 7 years.
- If your loan amount is Rs or less, you are not required to commit any collateral.
Mahila Samriddhi Yojana
The BMB provides business loans to female entrepreneurs and a level playing field for them. The Bharatiya Mahila Bank business loan is intended to help Indian female entrepreneurs meet working capital requirements or expand their businesses. BMB provides manufacturing firms with business loans of up to Rs 20 crore. You can also apply for special business loans up to Rs 1 crore through Afinoz, which is covered by the Government of India’s CGTMSE scheme. In later sections, we shall go into greater detail about the Bharatiya Mahila Bank business loan.
Features and Benefits – Bharatiya Mahila bank business loans
- Women entrepreneurs are allowed a 0.25% interest rate reduction.
- Provides a flexible payback period of up to 7 years.
- If your loan amount is Rs. 1,000,000 or less, you do not need to pledge any collateral.
- It combines term loans and working capital loans.
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