24 Feb 2020 | 5 min read
The Startup Ecosystem of India has pulled off several women from their high-profile jobs to explore entrepreneurship.
A lot of women are proving their skills and talent by embracing entrepreneurship leaving their Corporate careers behind. The boom in the Startup Ecosystem has been seen in all the major sectors from IT, Manufacturing, Entertainment, Automobile etc. A lot of entrepreneurs also tapped into various less explored sectors, successfully taking it to new heights.
All this was possible due to the support from the Government through various schemes and policies, and backing of financial institutions in offering loans at affordable interest rates. Below we have listed down the list of schemes by Government to support Women Entrepreneurs.
It is an SBI run scheme to support entrepreneurship among women by providing certain concessions on loans.
The State Bank of Mysore has designed this scheme for women entrepreneurs who are setting up food catering industry selling packed meals, snacks etc.
This scheme was launched by Oriental Bank of Commerce for women holding a 51 per cent share capital individuality or jointly in a proprietary concern.
Launched by Government of India, this scheme is offered by nationalised banks under the Pradhan Mantri Mudra Yojana. It does not require any collateral. The maximum loan available in this scheme is of Rs 10 lakhs.
Shishu – For a business that is in the initial stage, a loan can be availed up to Rs 50,000.
Kishore – Enterprises that are well established, a loan can be availed between Rs 50,000 and Rs 5 lakh
Tarun – For businesses in need of expansion, a loan of Rs 10 lakh can be availed.
A Mudra Card is given to the borrower functioning in the same way as a credit card, limiting the funds to 10% of the loan amount.
This scheme is offered by Dena Bank to women entrepreneurs in the fields of agriculture, manufacturing, micro-credit, retail stores or small enterprises.
This scheme is offered by Punjab and Sind Bank to women entrepreneurs associated with agriculture, retail and small businesses. The prime motive of launching this scheme is to make women set free from the manipulative tactics of money lenders. Additionally, skill development training is also offered to let women be self-reliant and be financially independent.
This scheme is offered by Punjab National Bank and Small Industries Development Bank of India (SIDBI), which supports women entrepreneurs to set up a new venture or finance existing venture.
This scheme is offered by Central Bank of India with an aim to support women in starting a new venture or expanding or modifying an existing enterprise.
In an aim to provide financial assistance to under privileged women willing to start their own venture, Bhartiya Mahila Bank implemented this scheme. The bank got merged with State Bank of India in 2017.
Parvarish – To set up day care creches, BMB Parvarish Loan is offered to self-employed women or homemakers. Maximum limit of loan can be Rs 1 Crore without any collateral.
Shringaar – To set up a parlour or purchase equipment’s for the same or to meet the daily business expenses, BMB offers loan without any security.
Annapurna – Entrepreneurs willing to set up food catering related business between 18-60 years or want to expand the existing small business can avail this loan.
Tread Scheme – In addition to offering financial assistance to women, TREAD Scheme offers all-round assistance to women entrepreneurs. Entrepreneurs are trained in various aspects of the business, including training, information gathering, counselling etc. Applicants need to get their project appraised by approved financial institutions. Later the government grant will cover up to 30% of the project cost and the respective financial institution will finance the remaining 70%.
KBL Mahila Udyog Loan from Karnataka Bank
Karnataka Bank offers KBL Mahila Udyog Loan to women entrepreneurs for any source of income generation activity. The maximum loan amount offered is Rs. 10 lakh for a repayment tenure of 120 months. The women entrepreneurs should have a minimum of 51% shareholding and controlling stake in a firm or company.