Women today are perfectly capable of handling their affairs and don’t necessarily need the men of the household, to take care of their expenses or to run a business or pay the bills. Women do everything on their own. They can handle any kind of job and are strong-minded when it comes to contributing to society. Banks have understood these capabilities and are offering Small Business Loans to women who run a successful business, but need a little financial help.
Many financial institutions like banks and NBFCs have come up with schemes, that are exclusively framed for women entrepreneurs. These schemes have relaxed terms and conditions, lesser rate of interest and lower collateral/security. Some financial institutions have also set up a cell within their branches to counsel and train women entrepreneurs to promote and market their businesses.
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The various loan schemes offered to women entrepreneurs for their small businesses are as follows:
This scheme is offered by the Central Bank of India. Women can avail loans to start new ventures. The loan is offered to new as well as experienced business owners, self-employed and professionals. Women, who are engaged in agricultural and allied activities and in village and cottage industries, can avail loans under this scheme.
This scheme is offered to women who have 50% ownership in a small business. The women entrepreneur needs to pursue the Entrepreneurship Development Programmes (EDP) organized by the state agency. All necessary assistance will be provided and you (woman entrepreneur) will get an interest concession of 0.05% under the scheme. Interest concessions can be availed on loans above Rs 2 Lakhs.
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This scheme is offered by the Dena bank to promote female owned businesses, by providing financial assistance to them. The loan can be availed at an interest concession of 0.25%. The loan is offered to women engaged in manufacturing, agricultural and allied activities. Even women running small enterprises, micro-credit or retail stores can avail loans under this scheme.
This scheme is offered by the Punjab and Sind Bank to motivate women entrepreneurs to obtain loans at low interest rates and establish small scale industries. This loan is also available for retail traders and self-employed women entrepreneurs.
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This scheme is offered by Small Industries Development Bank of India (SIDBI) to provide financial assistance up to Rs 10 Lakhs to female entrepreneurs to set up new ventures in the small scale sector. Be Wise, Get Rich.
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