This International Women’s Week, you are going to get your dream business. And no one can stop you!
Recently, Prime Minister Narendra Modi asked women to take over his social media accounts and asked users to nominate women change-makers using #SheInspiresMe.
This Women’s Day, I will give away my social media accounts to women whose life & work inspire us. This will help them ignite motivation in millions.
— Narendra Modi (@narendramodi) March 3, 2020
On the other hand, the Government is also working on providing Government schemes for women entrepreneurs in India.
Government Schemes for Women Entrepreneurs in India
Access to 3000 MSME Women Entrepreneurs to GeM
The International Women’s Day, the Government rolled out a new initiative to help over 3K women entrepreneurs from the MSME sector to sell on the state-run Government e-marketplace.
The Government plans to get over 6 crore women on board to sell on the GeM platform.
To enable this, the Government is empowering over 15 Self-help Groups with the Government’s public finance management system. The Government plans to help provide easy loans to these SHGs with an app.
Read more about it here
The Cent Kalyani Scheme
The Central Bank of India set up the Cent Kalyani Scheme with the main objective of encouraging women entrepreneurs to start a new project or expand their current one.
This Government Scheme for Entrepreneurs
Can also be used by self-employed women (doctors, WAs and engineers) and women engaged in manufacturing and serving industries.
The primary purpose of the scheme is to meet capital expenditure like Plant and Machinery/equipment) as well as cash flow.
Under this Government scheme, you can access loans up to ₹1 crore sanctioned with a margin rate of 20%. Interest on loans depends on market rates. The loan tenure will be a maximum of 7 years including a moratorium period of 6 months to 1 year.
Mudra Yojana Scheme For Women
The scheme aims to empower individual women entrepreneurs who want to start their own small businesses like tailoring units, tuition centres or schools, etc.
The scheme also encourages as well as a group of women wanting to start a venture together.
The Mudra loan scheme requires zero collateral security. The scheme is divided into 3 departments:
Shishu – Under this, the loan amount is limited to INR 50,000 and is mostly meant for new business ventures.
Kishor – This schemes sanctions loans between INR 50,000 to INR 5 lakhs and can be availed by those who have a well-established enterprise.
Tarun – This Government scheme for women sanctions loans up to ₹10 lakhs and can be availed by women-run small businesses which are well-established but want to expand operations.
Post access to the Mudra loan, you avail a Mudra card which is similar to a credit card. The funds available limited to 10% of the loan amount granted to you.
Looking to expand your business? It can be tricky, but simple enough if you know how to find the right funds for your business to grow! We have curated an interesting course on mojoVersity – our free e-learning platform to help you with this!