GRANTS AND LOANS FOR WOMEN-OWNED BUSINESSES

1. GRANTS AND LOANS FOR WOMEN-OWNED BUSINESSES

2. The era is getting flooded with women-power in the sectors where they haven't expected a year ago. Since the past decade, the globe is looking at the rise of the women as an entrepreneur in leaps and bounds. This shift has brought the attention of the government on the women entrepreneurs leading them to work hand in hand for the development of the country overall. The government is granting subsidies for the women entrepreneurs who have their own businesses so as to promote them to move out of the mainstream way of working. The schemes include the grants on the loans which allow the women to undergo a hassle-free procedure to start up his business or small venture. Let us look at some of the grants and loans available for women-owned businesses.

3. MUDRA YOJANA SCHEME FOR WOMEN This special grant on the loan is offered by a scheme launched by the Prime Minister of India, NarendraModi. Under this scheme, loans are being provided by the top banks in the country to the women entrepreneurs such as Axis Bank, ICICI Bank, HDFC Bank, Induslnd Bank, Kotak Mahindra Bank and much more to the women entrepreneurs. Under this grant by the government, the women entrepreneurs are provided loans by the banks which are collateral free in nature. This causes ease for the business for the women entrepreneur. Under this grant by the government, the entrepreneurs can take the benefit of the scheme by passing simple verification criteria and getting the ‘Mudra’ card by the bank. The business loan was never made with such an ease. Apart from this, the grants offered to the women entrepreneurs can be availed in schemes such as ‘Sishu’ ‘Kishor’ and ‘Tarun’. Under these schemes, the assistance from INR 50,000 to INR 1,000,000 can be availed by the women entrepreneur.

4. ORIENTAL BANK OF COMMERCE SCHEME The Small Industries Development Bank of India (SIDBI) has always been a well-wisher for the women for their business. They came up with the grant on the loan through their Oriental Bank of Commerce. Under the scheme, the bank offers the loan up to INR 1,000,000 for the small ventures such as boutiques, parlours, tuitions and more for their furniture, equipment, working capital and more. This allows them to get a kick start for their business. For professional and self-employed women the scheme offers a loan up to INR 5 lacs and working capital up to the amount of INR 1 lac for the purchase of fixed assets for the business and working capital needs. Such schemes remove the hassle of the business.

5. STREE SHAKTI PACKAGE GRANT The StreeShakti Package is a unique grant ran by none other than the State Bank of India. It is aimed at supporting the women entrepreneurship by granting concessions on the loan availed by them. The condition to qualify for the grant/scheme on the loan availed through SBI bank is that the applying enterprise should have more than 50% of its share owned by the women entrepreneur. This condition opens doors towards concessions such as lowering of the margin by 5% as applicable for the separate categories who apply for the loan. There is a drop in the interest rate by 0.5% if the amount of the loan exceeds INR 200,000. Lastly, no security is needed on the loans up to the amount of INR 500,000 in the case of tiny sector units. Through these concessions, the bank tries to take the aim of supporting women entrepreneurship to the max. This grant is not limited to just the State Bank of India but is followed by the other banks too such as Axis Bank, HDFC Bank, ICICI Bank and more associated in the circle.

6. UDYOGINI GRANT The grant is offered by the Punjab and the Sind Bank. The grant can be availed by the retail traders and the self-employed female entrepreneurs of the country. The grant offers loans at liberal terms and lowest interest rates by Punjab National Bank and Sind Bank which allows the borrower to use the funding for the small enterprises, medium enterprises and moreover the agriculture activities by the women as a business. The grant offered by the bank allows the women entrepreneur to get the best benefit of the business loan available by the bank. • ANNAPURNA GRANT This grant is provided to the women entrepreneurs who are looking for catering and food services as a business in future. The grant offers the women entrepreneur to avail the loan up to INR 50,000 which involves a guarantor too at the time of the loan. Apart from the guarantor, the loan also requires a submission of the collateral in case the delivery of the amount is unable. The tenure of the loan lies from straight 12-36 months. There is a moratorium period of a month in this loan provided to women entrepreneurs.

7. DENA SHAKTI Lastly, the grant offered by none other than Dena Bank. Under this grant by the bank, the loan can be availed by the women entrepreneurs. On the loan borrowed by them, a concession of 0.25% on the interest rate will be offered. The scheme is valid for the women entrepreneur in the field of manufacturing as well as agriculture. The loan also is availed by the women who are self-employed or have enterprise. The scheme is also offered to the women who own medium scale enterprises too. While the biggest change that needs to be brought up is the awareness about such grants and loan benefits to the women entrepreneurs on their business loans. While, these grants can be availed easily by applying through the banks or they can be availed through Finance Buddha, a leading loan provider. Finance Buddha helps you to gain the loan for your business without any hassle and absorbed in these schemes along with other additional benefits. The other benefits include such as lowest interest rates and processing fees and quick processing and disbursal of the loan. These things add the cherry to your cake. So, visit the website i.e. www.financebuddha.com