Top Government Schemes for Women Entrepreneurs in India 2024

Government Schemes for Women Entrepreneurs:- India’s female entrepreneurs are shattering stereotypes and achieving notable success in the economic sector. Women’s achievements in a variety of professions have resulted in a rise in encouragement and support for those who aspire to become prosperous businesswomen. The Indian government has introduced several programmes aimed at empowering women entrepreneurs to support this growth. These government initiatives can give women who want to start their businesses the resources and financial assistance they need to be successful. Read below to check the detailed information related to Government Schemes for Women Entrepreneurs.

Government Schemes for Women Entrepreneurs 2024

Government Schemes for Women Entrepreneurs 2024

Today’s female entrepreneurs have found success in previously unexplored fields in the food, cosmetics, tourism, sanitation, IT, automotive, and even innovative industries. According to World Bank projections, if half of India’s workforce is made up of women, the country’s GDP may increase by 1.5% points. By developing lending initiatives for women, the Indian government has also taken a proactive approach. When it comes to obtaining the funding needed for their entrepreneurial endeavours, these programmes for female entrepreneurs will be quite beneficial.

SBI Stree Shakti Yojana

List of Top Government Schemes for Women Entrepreneurs

The list of Top Government Schemes for Women Entrepreneurs is as follows:

  • Annapurna Scheme
  • Mudra Loan for Women
  • Stree Shakti Yojana
  • Dena Shakti Scheme
  • Mahila Udyam Nidhi Yojana
  • Orient Mahila Vikas Yojana Scheme
  • Industrial Scheme
  • Cent Kalyani Scheme
  • Recruitment Mahila Bank Business Loan
  • Synd Mahila Shakti Scheme
  • Pradhan Mantri Rozgar Yojana

Annapurna Scheme:

The Annapurna Scheme is especially intended for women who are still starting small-scale businesses in the food service industry. Under this programme, women can apply for government loans of up to Rs. 50,000 to meet capital needs like buying equipment or launching food trucks. Through the use of this government initiative, female entrepreneurs can jumpstart their enterprises with improved funding and innovative products.

Mudra Yojana Scheme:

The Government of India launched the Mudra Yojana Scheme, which supports women’s financial independence and provides business loans, to elevate women’s standing in the nation. There are three categories in this scheme: Tarun, Kishor, and Shishu. For startups and new businesses (Shishu), the loan limits are Rs. 50,000; for established organisations (Tarun), they are Rs. 10 Lakhs.

Stree Shakti Yojana

One special government programme for women that encourages entrepreneurship by offering specific advantages is called the Stree Shakti package. Women who own the majority of the company are eligible for this woman credit programme. Enrollment in the Entrepreneurship Development Programme (EDP), run by the relevant governmental authorities, is an additional prerequisite for these female entrepreneurs. Women are eligible for an interest rate reduction of 0.05% on loans above Rs. 2 lakh through the Stree Shakti initiative.

Udyogini Scheme for Women Entrepreneurs

Dena Shakti Scheme:

Women entrepreneurs in the retail, manufacturing, small business, and microcredit sectors are the main targets of the Dena Shakti Scheme. It offers loans by industry-specific ceiling limits established by RBI (Reserve Bank of India). This scheme has a maximum loan amount of Rs. 20 lakhs.

Mahila Udyam Nidhi Yojana:

Punjab National Bank and Small Industries Development Bank of India (SIDBI) jointly offer the Mahila Udyam Nidhi Scheme, one of the most well-liked government initiatives for female entrepreneurs. Under the plan, women entrepreneurs can receive up to Rs. 10 lakh in loans that must be returned within ten years, to help them launch new small businesses. The market rates determine the interest rate that is charged.

Orient Mahila Vikas Yojana Scheme:

Women who own 51% of the share capital individually or jointly as a private company are eligible for this women’s lending programme. These stakeholders have a fantastic chance to advance their industries and assist grow their businesses. These loans for female entrepreneurs in India come with a discount at an interest rate of up to 2% and don’t demand collateral security. The loan maximum is Rs. 25 lakhs, and the payback schedule is adjustable for up to 7 years.

Pradhan Mantri Rozgar Yojana:

The Pradhan Mantri Rozgar Yojana (PMRY) is a programme designed to give women entrepreneurs in both urban and rural areas access to skill-based self-employment opportunities. Up to 15% of the project cost may be subsidised with loans under the programme, with a cap of Rs. 12,500 per borrower.

Cent Kalyani Scheme

Women who work for themselves or as freelancers can apply for the Cent Kalyani Yojana, a government programme for women. The Cent Kalyani Scheme is open to micro/small businesses, including retail trade, cottage industries, farming, and agriculture. For this loan, you are not required to offer any collateral as security or find any guarantors. Loan interest rates are determined by market rates. The maximum loan repayment period is going to be seven years.

Udyogini Scheme

The Udyogini Scheme, run by the Government of India, is being implemented by the Women Development Corporation. By giving women financial help, this programme encourages and motivates women to start their businesses among the underprivileged. The primary beneficiaries of this programme are illiterate women who reside in rural and underdeveloped areas.

New Swarnima Scheme for Women

Challenges that Indian Women Entrepreneurs Face

Indian women have broken through centuries-old stereotypes to carve out a place for themselves in the corporate world. They now have financial freedom and a chance to showcase their managerial abilities thanks to their corporate career.  However, she advanced significantly and gained the self-assurance to set an example for the rest of the globe thanks to her entrepreneurial endeavours. There are about 8.05 million female entrepreneurs in India. Approximately 14% of India’s business industry is made up of this. In addition, over 79% of women-owned businesses are self-financed, according to recent data. Compared to their male colleagues, women-owned businesses continue to be in the minority and encounter more obstacles.

Guidance on Optimising Government Programmes for New Businesses

  • Be sure you fully comprehend the requirements for each government programme, particularly those related to income limits, company sectors, and age restrictions, before applying. Make sure your company meets the criteria of the scheme.
  • Fill out all forms completely and include all important financial and company information. Your loan application may be denied or delayed if you provide inaccurate or missing documentation.
  • If you are just starting in business, you might want to think about getting advice from experts or groups that support female entrepreneurs. They can guide you through the loan application procedure and offer insightful mentoring.

FAQ’s

Which kinds of business financing are available to female entrepreneurs? 

For female business owners, a range of financial options are accessible, such as trade finance, equipment financing, term loans, and working capital loans. Each kind can be customised to meet certain needs and fulfils various commercial functions.

Are there any government loans that are only available to female applicants?

Yes, government loan programmes are specifically created for Indian women business owners. These programmes offer resources and financial assistance specifically designed to enable women to pursue their entrepreneurial goals.

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