Turning your dream into reality doesn’t come with any age restrictions. Whether you are a twenty-year-old who is just starting out or a fifty-year-old who is stepping out with no experience, entrepreneurship is all about learning on the job, being confident and disciplined and having the right tools to support you.
If you have a fabulous business idea and vision but don’t have the financial freedom to take the plunge, here’s the answer: government loans and private companies’ female entrepreneurship programmes. We’ve listed a few for you to get started. Check them out, apply for the scheme, and go live that dream.
- Also Read: Here’s What Changing Your Career In Your ’40s Looks Like
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Government Funding Schemes For Female Entrepreneurs
- Bharathiya Mahila Bank Business Loan
The Bharathiya Mahila Bank (merged with the State Bank of India) offers loans of up to Rs 20 crores to female entrepreneurs looking to set up a manufacturing business.
To apply for the loan, visit the nearest bank branch or call the bank representative at 011- 47472100.
- Mudra Yojana Scheme
Mudra Yojana is a great place for small entrepreneurs. While it is not exclusively for female entrepreneurs, it offers a loan for anywhere between Rs 50,000 don’t 10 lakh. You don’t need any collateral or a guarantor for this loan.
The loans are divided into three categories: Shishu are loans up to Rs 50,000; Kishor loans are above Rs 50,000 and up to Rs 5 lakh; Tarun loans are above Rs 5 lakh and go up to Rs 10 lakh. Depending on the amount you wish to apply, submit your application via this link.
Click here to apply for Yojana Scheme.
- Dena Shakti Scheme
Dena Shakti Scheme offers loans for female entrepreneurs in sectors such as agricultural, retail, manufacturing, micro-credit organisations, housing and education. The maximum limit of the loan is Rs 20 lakh, but the amount largely depends on which section you are applying under. The loan’s interest rate is 0.25% below the base rate.
Visit your nearest Dena Bank branch to apply for this loan.
- Udyogini Scheme
The Udyogini Scheme was started by the Karnataka State Women Development Corporation and is specifically for women who come from families whose income is below Rs 1.5 lakh per annum. You can avail of a loan of up to Rs 3 lakh. Over the years, many banks have adopted this scheme with different variations.
Bajaj Finserv, Punjab and Sind Bank, and Saraswat Bank are some banks offering this loan. Visit the nearest branch for details.
- Cent Kalyani Scheme
Started by the Central Bank of India, the Cent Kaylani scheme offers loans of up to Rs 100 lakh without collateral or processing fees. Apart from self-help groups, retail traders and educational and training institutions, any other business can avail of this scheme.
To know more, contact the Women Entrepreneur Cell on 022 66387777. You can also visit the nearest Central Bank Branch.
- Mahila Udyam Nidhi Scheme
Launched by Punjab National Bank, the Mahila Udyam Nidhi Scheme focuses on supporting Small Scale Industries (SSI). You can apply for a loan of up to Rs 10 lakh and pay it back in 10 years (including a moratorium period of up to 5 years).
Fill out this application form and submit it to the nearest Punjab National Bank branch.
- Women Entrepreneurship Platform (WEP)
The WEP initiative, started by the government of India through NITI Aayog, brings together female entrepreneurs and sponsors willing to support them in their journey. Join the community to find sponsors, and get skill training and assistance in marketing, amongst other things.
To register, visit this link.
- Sree Shakti Package For Women Entrepreneurs
Offered by the State Bank of India (SBI), women need to hold 51% or more ownership of the business to be eligible for this loan scheme. You can avail of a loan of up to Rs 50 lakh, and the interest rate depends on the amount availed.
Visit the nearest SBI branch for details.
- Synd Mahila Shakti Scheme
Canara Bank offers the Synd Mahila Shakthi scheme, where women must own at least 50 per cent of the financial holding to be eligible. You can avail of a loan of up to Rs 1 crore within a maximum tenure of 10 years (including the moratorium period).
Visit the nearest Syndicate Bank brand for more details.
- Pradhan Mantri Rozgar Yojana
The Pradhan Mantri Rozgar Yojana scheme is offered to women entrepreneurs from all industries, new ventures and services in an attempt to focus on creating self-employment opportunities. This scheme provides a subsidy of 15 per cent of the project cost with a maximum amount of Rs 12 500 per head. The loan limit for the business sector is Rs 2 lakh, and for industry-based startups and companies is up to Rs 5 lakh.
Find out more here.
Private Companies Offering Funding Google’s Entrepreneurs
- Google’s Start-up Programme
One of the largest tech companies in the world, Google, has announced a startup accelerator program for promising female entrepreneurs. This program aims to help females on a mission to solve issues specific to them and assist them in funding, hiring, skill training and more. The inaugural batch of Google for Startups Accelerator – India Women Founders programme will accept up to 20 startups/co-founded startups in India.
The application process is open and the last day to apply is the 10th of July, 2022. Apply via this link right away.
- Facebook’s Small Business Initiative
Facebook’s Small Business Loans Initiative offers a $4.3 million grant for small businesses in India. It allows companies to get small ticket loans—ranging from Rs 5,00,000 to Rs 50,00,000 at a predefined interest rate of 17-20% per annum.
Find out more here.
Lead image by Artem Podrez via Pexels
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