Are you one of the woman entrepreneurs in India wanting to start a startup but worried about funds?
Fortunately, the Indian government has many schemes for women designed to foster inclusivity and make them self-reliant. So, if you’re a woman entrepreneur waiting for dream into reality in India, this blog is for you! It brings you the top 8 funding schemes of the central government and government banks for women entrepreneurs in India, along with the eligibility criteria and benefits. It also brings a detailed guide on how to choose which scheme funding your startup you should apply for. Stay tuned!
1) Mahila Samriddhi Yojana
If you’re just starting out and need some initial financial startup funding, the Mahila Samriddhi Yojana is a great option. This microfinance scheme offers financial assistance of up to ₹1,40,000, with a rebate in interest. It’s specifically for women whose family income is less than ₹3 lakh per annum. This scheme is a stepping stone for women looking to begin small and grow their startup ideas without the burden of high-interest rates.
2)Women Entrepreneurship Platform (WEP)
No matter what stage your business is at, if you’re a woman entrepreneur, WEP is a platform you should definitely consider. Launched by NITI Aayog, it serves as a one-stop shop for everything you need to build your startup. From funding and incubation to networking and skill-building, WEP provides all the resources you need to take your venture to the next level. It’s designed to address the unique challenges women face while running a business, bridging the gap between women entrepreneurs and the resources required for success.
3) Stand-Up India
If you need significant funding to start your own greenfield enterprise, the Stand up India scheme is ideal. This scheme facilitates business loan for women between ₹10 lakh and ₹1 crore for women entrepreneurs. The scheme covers a wide range of sectors like manufacturing, services, agri-allied activities, and trading. For non-individual enterprises, at least 51% of the shareholding and controlling stake must be held by the woman entrepreneur. Women like Shrilakshmi Desi Raju have turned their businesses into empires through this scheme. So, if you’re looking to make a larger investment, Stand-Up India is the way to go.
4) Mahila Udyam Nidhi Yojana
If you’re aiming to start a small project or need funds for an expansion under ₹10 lakhs, Mahila Udyam Nidhi Yojana is a great choice. This scheme, offered by Punjab National Bank, helps women entrepreneurs set up new projects or rehabilitate existing ones in the tiny and small-scale sectors. It provides loans for women in the form of a soft loan of up to 25% of the project cost, with a maximum limit of ₹2.5 lakh per project. The repayment period is flexible, offering up to 10 years, including an initial moratorium period of 5 years. If you’re looking for a loan at a lower rate than market prices, this scheme could be your best fit.
5) Dena Shakti Scheme
The Dena Shakti Scheme is a combination of business loan for women and working capital, offering 25% concessional rates to women entrepreneurs. This scheme is perfect for women involved in retail, service activities, or manufacturing. Women professionals like architects, doctors, and chartered accountants can also benefit from it. The loan duration ranges from 1 to 3 years, making it a flexible option for entrepreneurs. To apply, you’ll need to be part of an Entrepreneurship Development Program (EDP) organized by various state agencies.
6) Cent Kalyani Scheme
Cent Kalyani scheme, offered by Central Bank of India, is another fantastic scheme for women entrepreneurs. Whether you’re starting a new project or expanding an existing business, this scheme provides business loan for women at low interest rates. Women entrepreneurs can apply for loans under this scheme for their micro or small enterprises. It’s specifically designed to empower women in business by making financial assistance more accessible and affordable in the form of msme loan for women.
7) Other Startup Awards and Grants
Apart from the government schemes, there are also awards and grants like the BIRAC-TiE WINER Awards and National Startup Awards that can help you scale your business. These awards provide not only recognition but also financial support to help your startup grow. If you’re an existing startup, applying for these awards can give you the push you need to move forward.
While funding is crucial, it’s equally important to build the necessary skills to run a successful business. Stay tuned for future blogs where we will dive deeper into schemes and programs offering training and skill development for women entrepreneurs. These will help you stay ahead of the curve and equip you with the tools to succeed.
Conclusion
The time is now to leverage these government schemes and take your business to new heights. These schemes aren’t just about financial assistance—they are about building a strong foundation for you to succeed and inspire others across India. Women have always been at the heart of innovation and creativity, and with these schemes, you can break barriers and show the world what an Indian woman can achieve.
