The government is running many such schemes so that women do not stop from starting their business due to lack of money. Here are five such schemes that can help women easily start their business.
Government help for women entrepreneurs
Following the COVID-19 pandemic, Prime Minister Narendra Modi gave the mantra of “Difficult Time Mein Aavasar” (Opportunity in Disaster) and “Self-reliant India”. These ideas inspire women to start their own businesses. Women often have new and good ideas, a passion for learning, and a willingness to work diligently; The only hindrance is lack of capital. To ensure that money problems do not come their way, the government runs several schemes. Here we are telling about five such schemes which help women to start their business easily.
Annapurna scheme
Under this scheme, the Government of India provides loans up to ₹ 50,000 to women entrepreneurs for catering business. This money can be used to buy things like utensils, gas connection, refrigerator, mixer, tiffin box and dining table. This loan requires a guarantor and the repayment period is 36 months. Currently, the benefits of this scheme can be availed through State Bank of India.
Stree Shakti Package
This scheme has been designed for those women who have more than 50% stake in the business. Also, the women applying must be registered in the entrepreneurship development program of their state. Under this package, loans ranging from ₹ 50,000 to ₹ 2 lakh are given for small businesses. Companies registered under MSME can take loans ranging from ₹50,000 to ₹25 lakh. Loans up to ₹5 lakh do not require any security and the interest rate is also subsidized. To avail the benefits of Stree Shakti Package, one has to contact State Bank of India.
Mahila Samriddhi Yojana
This scheme was started to empower and better condition the women of economically and socially backward sections of the society. Banks give loans up to ₹60,000 to meet the expenses of starting a business. The loan has to be repaid in three and a half years and the annual interest rate on it is only 4%. Women living below poverty line (BPL) are eligible for this scheme. There is no need for any guarantor or security deposit and this scheme can be applied for in any bank.
**Mudra Yojana**
The government launched the Pradhan Mantri Mudra Yojana to promote small-scale entrepreneurs. Under this scheme, a loan ranging from ₹50,000 to ₹50 lakh can be taken from any nationalized bank. Women can use these funds to start beauty parlors, tuition centres, services like tailoring and embroidery and other businesses. No guarantor or security is required for loans up to ₹10 lakh.
**Women Entrepreneurship Fund**
To provide financial help to women entrepreneurs, Punjab National Bank (PNB) and Small Industries Development Bank of India (SIDBI) offer loans up to ₹10 lakh. These loans can be repaid over a period of 10 years. Under this scheme, SIDBI offers special schemes for opening a beauty parlor, running a day-care center and buying an auto-rickshaw, bike or car. The interest rates on these loans are decided on the basis of market rates.