Here’s about Empowering Women Entrepreneurs: Top 5 Government Business Loan Schemes
A good idea begins an enterprise, but turning the idea into a successful enterprise involves money in it. For women entrepreneurs in the case of most Indian women, money is even more of a hinderance. Knowing this very fact well, the government initiated various schemes of business loans to women with a dream of overcoming the hurdle of money and becoming successful businesswomen.
The following discussed are the top 5 government loan schemes that every woman entrepreneur needs to know:
1. Stand-Up India Scheme
The Government of India launched the scheme under the name of bank loans between ₹10 lakh and ₹1 crore for SC/ST women entrepreneurs to start new businesses in the trading, manufacturing, or services industry. The project loan of up to 75% is subsidized, by virtue of which your dream business can be started without any inconvenience.
2. Mudra Yojana Scheme for Women
Women also have the facility of taking loans of ₹10 lakh in three categories – Shishu, Kishor, and Tarun – according to business development stage under Pradhan Mantri Mudra Yojana (PMMY). The scheme is appropriate for small and medium enterprises, especially retail trade, handicrafts, and food processing industry without collaterals and with low interest rates.
3. Mahila Udyam Nidhi Scheme
Launched by the Small Industries Development Bank of India (SIDBI), the scheme grants loan to women entrepreneurs to start a new venture or increase an existing one. It offers credit up to ₹10 lakh with a maximum tenure of 10 years, with the facility of providing a moratorium as well.
4. Annapurna Scheme
Most suitable for women to start food catering business, Annapurna Scheme lends ₹50,000 to purchase utensils, machines, and other equipment. Repayment must be done in three years, ample time sufficient to turn the business profitable.
5. Bhartiya Mahila Bank Business Loan
Now part of State Bank of India, the scheme provides ₹20 crore loan to manufacturing and service sector women entrepreneurs. Enjoying the benefit of repayment on flexible terms and favorable rate of interest, it is available for old units and new units alike.
Conclusion: Government loans have allowed women entrepreneurs to get their hands on the funds that they need to make their business visions a reality. By providing them with the finances, the schemes not only equip them but also generate employment and spur economic growth. If you’ve got the vision, passion, and business model, the right funding is an application away.
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