Government Sources of Funds for Women Small Business Owners
There are various schemes sponsored by Central and State Governments to provide funds for startup by woman entrepreneurs. Some of the them are Annapurna Scheme, Stree Shakti and Bhartiya Mahila Bank Business loan
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Introduction
If the owner of the new small business happens to be a woman then there is a growing number of resources available to help her to run a successful small business unit.
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Annapurna Scheme
Annapurna Scheme is meant for women entrepreneurs who are involved in selling packed meals and snacks. The maximum amount granted as a loan under this scheme is Rs.50,000 which can be repaid in 36 equal installments which is promoted by the State Bank of Mysore.
Stree Shakti Package for Women Entrepreneurs
This scheme is only for those women who have participated in any Entrepreneurship Development Programme (EDP) run by Govt. Agencies. A business loan of up to Rs.2 lakhs can be availed under this scheme offered by the State Bank of India but the woman applicant needs to have 50% share in the ownership of a firm.
Bharatiya Mahila Bank Business Loan
If a woman entrepreneur is in retail sector or involved in giving loan against property, MICRO and SME loans. The maximum loan amount is ?20 crores in case of manufacturing industries. The annual interest is also reduced by 0.25% which can be 10.15% or more.
Dena Shakti Scheme
If a woman entrepreneur is involved in business activity in agriculture, manufacturing, micro-credit and retail stores, Dena Bank is offering a maximum loan amount of ?20 lakhs for small businesses involved in retail trade, education and housing.
Udyogini Scheme
This scheme is offered by Punjab and Sind Bank to provide business loan to women entrepreneurs working in Agriculture, retail and other small business enterprises. The maximum amount of loan under this scheme is Rs.1 lakh for women between 18-45 years of age.
Cent Kalyani Scheme
This scheme provided by the Central Bank of India for women who are involved in village and cottage industries, micro, small and medium enterprises, self-employed women, in agriculture and allied activities, retail trade and government-sponsored programs. The maximum amount of loan is Rs.1 Crore which requires no collateral, no guarantor and no processing fees.
Mahila Udyam Nidhi Scheme
Punjab National Bank is offering this scheme to women for establishing beauty parlours, and daycare centres, and the purchase of auto rickshaws, two-wheelers and cars for commercial use. The maximum amount granted under this scheme is ?10 lakhs which can be repaid in 10 years.
Mudra Yojana Scheme for Women
This scheme has been launched by the Govt. of India for women who have business activities like beauty parlors, tailoring units and tuition centres. This scheme requires no collateral and can be availed under three business scenarios:
- Shishu – the maximum loan amount is ? 50,000 and is provided at the initial stages of a business.
- Kishor – the maximum loan is ?5 lakhs and can be availed by those who have a well-established business enterprise.
- Tarun– the loan amount is ?10 lakhs and is given to a well-established business unit for further expansion
Orient Mahila Vikas Yojana Scheme
If a woman hold a 51% share capital individually or jointly in a proprietary concern, she can avail a loan amount between ?10 lakhs up to ?25 lakhs with no collateral required under this Dena Bank scheme. The period of repayment is 7 years at a concessional interest rate of up to 2% less than normal.
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Vinay Singh
Co-founder & Fintech AdvisorRelated articles
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