MSME Funding: Nine Schemes which will Give Wings to Women Entrepreneurs

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India is slowly but steadily moving towards gender equality and it has become more vital to empower women entrepreneurs. The MSME ministry understands the importance of the same and has set up various schemes and programs that give wings to women entrepreneurs. Here are nine schemes that will give you an insight into how the government initiatives can help grow your business.

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  1. MUDRA: A government scheme for women who wish to start their entrepreneurship journey on a small scale, like a tailoring unit or a tuition centre. The loan amount ranges from Rs. 50,000 to Rs. 50 lac. In case of a loan amount exceeding Rs. 10 lac, guarantor and collateral will be necessary. The loan for women has three plans- Shishu, Kishor and Tarun and the loan amount varies in each plan. 
  1. Annapurna: The scheme helps establish a catering unit and has a maximum loan amount of Rs. 50,000 to purchase utensils, water filters and other kitchen equipment. Collateral is required to avail the scheme. The loan has a three year tenure and women get a grace period of one year before the repayment process begins. 
  1. TREAD: The Trade Related Entrepreneurship Assistance and Development Scheme strives to empower women by providing credit to projects by conducting counseling and training. It provides for a government grant of up to 30% of the cost of project and a lending institution will finance the balance 70%. 
  1. Mahila Udyam Nidhi Scheme: This loan for women was initiated to offer financial assistance up to Rs. 10 lacs to small scale business models. The scheme helps set up new projects and helps in the modernization of existing projects. The loan has a 10 year tenure which includes a 5-year moratorium period. 
  1. Bhartiya Mahila Business Bank Loan: The purpose of the loan is to offer financial assistance to underprivileged women. The loan has a maximum amount up to Rs. 20 crores that is to be repaid in 7 years. 
  1. Stree Shakti Package for Women Entrepreneurs: Women who are enrolled in the Entrepreneurship Development Program in their state agency can avail this loan. It is also important for the applicants to have majority ownership in a small business. Interest concession of 0.05% can be availed on loans above Rs. 2 lakh. 

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  1. Udyogini Scheme: Women engaged in retail and agriculture or similar small businesses between the age of 18 to 45 are eligible for the loan. Additionally, the annual income of the family should be less than Rs. 45,000. The loan amount is Rs. 1 lac.
  2. Dena Shakti Scheme: Women involved in manufacturing, agriculture, micro-credit, or retail stores can apply for the scheme. Loans are offered up to Rs. 50,000 under micro-credit category and there is a concession of 0.25% on the interest rate. Loan up to Rs. 20 lac is sanctioned under housing, retail and education. 
  1. Cent Kalyani Scheme: Women who handle MSMEs or are engaged in agricultural work or retail trading can apply for the scheme. The maximum loan amount is Rs. 1 crore and no collateral is required. 

If you are a business owner looking for loan options to grow your business, consider these 9 government schemes.