"If A is success in life, then A equals x plus y plus z. Work is x; y is play; and z is keeping your mouth shut. "
- Albert Einstein
Women of today’s times do multitasking by managing their house as well as building a career for themselves. There are so many talented women entrepreneurs who are running huge businesses and have become successful. They are inspiring many women to fulfil their dreams. According to data given by Startup India, women constitute 13.76% of the total entrepreneurs in the country.
When it comes to running a business, every organisation needs capital. Raising capital is one of the most important challenges faced by women entrepreneurs, just like any other business. For this purpose the Government of India has made various schemes available.
Following are some of the schemes provided by the Government of India to boost women entrepreneurship:-
This scheme is provided by State Bank of Mysore. Under this scheme, the Government of India sanctions a loan up to Rs 50 Lakhs. In case the loan exceeds Rs 2 Lakhs, concession of 0.50% on the rate of interest is provided. The person applying for the loan must have 50% ownership in the business.
Bharatiya Mahila Bank:
Bharatiya Mahila Bank aims at providing finance to the underprivileged women who want to start a business. It sanctions loan of up to Rs 20 crores for the manufacturing businesses. Free loan up to 1 crore is available for the micro and small businesses that come under the Credit Guarantee fund Trust. Time period to repay this loan is 7 years. Rate of Interest for such loans is 12.25%.
This scheme is promoted by Saraswat Bank. Loan of up to Rs 50 Lakhs is sanctioned under this scheme. The rate of interest on such loans is very low. Loans are provided to the small-scale, retail businesses and agricultural activities under this scheme.
Mudra Yojana Scheme:
It is a general government scheme for small units which is also applicable to women, especially for those women who want to start a business together. Under this scheme, loans from Rs 50,000 onwards and upto Rs 50 lakhs are sanctioned.
So if you’re looking for ways to get some monetary help for your business and don’t know where to search, these are some schemes that would be able to help you out easily and give your entrepreneurial dreams a positive start.