India is a developing country. In India startup and entrepreneurship is not a new concept, there are countless opportunities for men as well as women. Now women are also starting and developing their businesses. For the growth of entrepreneurial initiative among women, there are many sources that provide loans for the business to the women so that they can start, develop and grow their businesses. In India, there are many private banks, public banks, financial institutions, and other authorities which provide loans under the many schemes to women entrepreneurs.
For the women owners of the MSMEs, there are many schemes that are launched by the government and the public sectors that have offered to encourage their businesses and they can get financial help and develop their businesses.
In this article, we will discuss the government schemes for women entrepreneurs-
- Annapurna Scheme
- Orient Mahila Vikas Yojana Scheme
- Bharatiya Mahila Bank Business Loan
- Mudra Yojna Scheme
- Dena Shakti Scheme
- Pradhan Mantri Rozgar Yojana
- Cent Kalyani Scheme
- Udyogini Scheme
- Mahila Udyam Nidhi Scheme
- Annapurna Scheme- Annapurna Scheme is one of the main government schemes which is provided to women entrepreneurs. As per this scheme, the amount of loan is provided to the women who are involved in the catering industry or who want to start their catering business. Under this scheme, the women entrepreneurs will be eligible for the business loan up to Rs. 50000.00 to start and develop the catering business i.e., they can use such amount for purchase utensils, equipment, gas connections, kitchen essentials, raw materials, water filters, etc. For taking the loan under this scheme, the guarantor is required, who will provide the guarantee. Such an amount of loan is required to repay in 36 installments and the interest rate will be determined according to the market conditions and situations. On the basis of such loans, women entrepreneurs can start and develop their catering businesses.
- Orient Mahila Vikas Yojana Scheme- This scheme has been launched for those women entrepreneurs who hold 51% share capital jointly or individually in a proprietary concern. This scheme is very useful for those women entrepreneurs, who want to grow and expand their businesses. As per this scheme, there is no need to provide any security and the rate of interest is also very reasonable it is up to 2%. Such loan is required to repay up to the period of 7 years (within 7 years). Under this scheme, the women entrepreneurs can take the loan up to Rs. 25 lakhs.
- Bharatiya Mahila Bank Business Loan- It is implemented by the Bharatiya Mahila Bank in 2017. Bharatiya Mahila Bank is a public sector banking company, which provides loans and financial helps to women entrepreneurs who want to start, develop and grow their manufacturing businesses. Under this scheme, the women entrepreneurs will be eligible for the loan and the amount of the loan will be up to 20 crores. Under this scheme, if the amount of loan is less than 1crore, there is no need for collateral security but if the amount of loan is more than 1crore then collateral security is required. Bharatiya Mahila Bank Business Loan Scheme includes the following plans-
(i) BMB Shringaar-The BMB shringaar loan is available for the self-employed women entrepreneurs or for the house makers who want to start their business and wants to meet their business daily expenses. This loan is mainly for those women entrepreneurs who are involved in the parlor, spas, and salon services. In the respect of such a loan, there is no need for any collateral security.
(ii) BMB Annapurna Loan- BMB Annapurna Loan is available for those women entrepreneurs, who are involved in the food industry and whose age is 18 to 60 years i.e, the women entrepreneurs whose age is 18 to 60 years and who wants to start and develop their small business can avail such loan. In the respect of such a loan, there is no need for any collateral security.
(iii) BMB Parvarish- BMB Parvarish Loan is available for self-employed women entrepreneurs or for house makers who want to start and set up daycare crèches. Under this scheme, the women entrepreneurs can take the amount of loan up to Rs. 1crore without any collateral security.
- Mudra Yojna Scheme– This is one of the main schemes of the government for women entrepreneurs. By this scheme, the government will provide a financial loan to women entrepreneurs so that they can improve their status in the business world. This scheme for small enterprises such as beauty parlors, tuition centers, etc. As per this scheme, the woman entrepreneurs will be eligible to avail the amount of loan minimum 50000 and a maximum of 50 lakhs. If the amount of loan is up to Rs. 10 lakhs, there is no need for any collateral security but if the amount of loan is more than 10 lakh then there is the requirement of collateral security. Under this scheme, there are three plans as per the requirement- (i) Shishu plan (ii) Kishor plan (iii) Tarun Plan.
- Dena Shakti Scheme- Dena Shakti Scheme is also for woman entrepreneurs but it will be restricted to those woman entrepreneurs who are involved in the field of retail, manufacturing, agricultural, small size business, etc. Under this scheme, the amount of loan is determined according to the nature of the business, according to the sector, etc. As per this scheme the maximum amount of loan is Rs. 20 lakhs.
- Pradhan Mantri Rozgar Yojana- Pradhan Mantri Rozgar Yojana is one of the best schemes for the development of woman entrepreneurs. This scheme is launched by the government with the main objective to the creative, skilled based mind set of the woman entrepreneurs so that they can develop their business in the creative and skilled field. This scheme is for the development of urban as well as a rural areas. As per this scheme, the amount of loan subsidy is 15% of the cost of the project or 12500 whichever is lower. This scheme provides the loan for the business is up to 2 lakh and for the service and industry sector is up to 5 lakhs.
- Cent Kalyani Scheme– This scheme is not only for the new business but this is for old business also I,e. if there is any person who has a business and wants to expand the current business, under this scheme can take the loan and expand the business. This scheme is launched by the central government of India for the development of woman entrepreneurship. Under this scheme, the maximum amount of loan is Rs. 100 lakhs without any security and processing fee. Cent Kalyani Scheme is not available for the retail trade, training & education, and self-help group.
- Udyogini Scheme– This scheme is launched and implemented by the Women Development Corporation for the development and welfare of the women This scheme provides subsidized loans to women who are from rural and under developed areas so that they can start and develop their businesses. This scheme motivates and promotes women’s entrepreneurship by providing the subsidized loan and financial support to the women for doing business. women entrepreneurs whose age is 25 and 65 and the amount of annual income is less than 1.5 lakh and want to start their business can avail such a scheme.
- Mahila Udyam Nidhi Scheme– Mahila Udyam Nidhi Scheme is introduced by the Small Industries Development Bank of India (SIDBI). This scheme provides support to the women entrepreneurs by providing the amount of loan and financial help. Under this scheme, the maximum amount of loan is 10 lakhs and such loan is required to repay in 10 years. Under this scheme, the rate of interest depends upon the market rate.
