The Government of India has launched various loan schemes to empower women entrepreneurs including Annapurna, Mudra, Stand Up India, Stree Shakti, Saint Kalyani and Udyogini. In this article we will discuss 6 Government Loan Schemes Every Woman Entrepreneur Should Know.
In the current economic scenario, women entrepreneurs are emerging as a powerful and growing force in India. To encourage and support women’s contribution to the economy, the government has launched various loan schemes for the development of such entrepreneurs. These schemes aim to empower women by providing them with the necessary financial resources for their businesses.
Some of the loan schemes offered by the government
Annapurna Scheme
The Annapurna Scheme is designed for women involved in the food and catering industry. Under this scheme, women can take a loan of up to Rs 50,000. This loan can be repaid in 36 installments and requires collateral and guarantor approval. Property is taken as collateral for the Annapurna Scheme loan.
Mudra Yojana
Mudra Loan is a scheme launched by the government to provide loans to entrepreneurs under the Pradhan Mantri Mudra Yojana. Under Mudra Loan, the government provides loans of up to Rs 10 lakh. No collateral or security is required for the loan and qualifying for the loan is relatively easy.
Stand Up India Scheme
The Stand Up India Scheme has been launched by the Ministry of Finance to provide bank loans to women, Scheduled Caste (SC) or Scheduled Tribe (ST) entrepreneurs for setting up new projects in manufacturing, services, trade and agriculture.
Under this scheme, the government provides loans ranging from Rs 10 lakh to Rs 1 crore. In the case of private companies, at least 51% of the shares must be owned by a woman, SC or ST entrepreneur.
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Stree Shakti Yojana
Stree Shakti Yojana has been created to encourage women entrepreneurs and provide financial assistance to women who want to start a business. Under this scheme, launched by the central government in 2000, women entrepreneurs can get a 0.05% subsidy on loans exceeding Rs 2 lakh. Applicants have to join the EDP or Entrepreneur Development Scheme.
St. Kalyani Scheme
The St. Kalyani Scheme, supported by the Reserve Bank of India under Startup India, is designed to encourage and support women entrepreneurs in India. As per the MSME Act 2006, small or medium new and existing women entrepreneurs are covered under this scheme.
Udyogini Scheme
Udyogini Scheme is a scheme launched by the Government of India to encourage women entrepreneurship and economic empowerment in the country.
The government provides loans to women entrepreneurs at low interest rates. Under this scheme, the government provides loans of up to Rs. 1 lakh to women entrepreneurs with an annual income of less than Rs. 40,000.
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In conclusion, loan schemes for women are an initiative of the Government of India to encourage entrepreneurship among women in the country.
Such schemes should be checked out. Aspiring entrepreneurs should check out such schemes to raise money for their efforts.