Useful Sources of Grants and Funds That Empower Female Entrepreneurs

loan for women owned business

Mrs. Deepa Jaiswal, a resident of Mumbai, and a small business owner selling home-cooked edible products has a good showing till now in her business for 4 years. Things started turning edgy when a supermarket opened in the area which lured customers there. The number of customers dipped, and she really had to think out of the box to turn the tide in her favour.

She thought of taking her business online by creating an e-commerce website. However, things such as website creation, order and payment management, inventory, and courier and delivery management required funds which she lacked.

She knew she had the skills to run a business and she had made some loyal customers because the quality of her products was supreme. But since she lacked a funding option in the form of a loan for women owned business, she did not know what to do.

Being concerned, Deepa consulted one of her family members who have an online business for last 1 year and was going good. She got the basic idea of running an online business from her relative along with a funding option in a business loan for women.

Yes, if you are self-employed female entrepreneur who is looking to expand and give a new life to her business but lack funds can now turn to a business loan for women.

A loan for women-owned business can let you borrow capital as high as Rs.30 lakh from prominent non-banking finance companies like Bajaj Finserv. What’s more, a loan for business is available at a lower business loan interest rate to make it affordable.

Women can also avail the Mudra Yojana Scheme for Women scheme of the Central Government launched on 8th April 2015. The scheme’s mission is to provide special provisions for women entrepreneurs with the basic concept of ‘Funding the Unfunded.’

In the same context, let’s provide you some information regarding the Mudra Yojana Scheme for Women and business loan for women in this post.

What is a Mudra Yojana Scheme for Women?

A Mudra Yojana Scheme for Women is seen with great hopes by women business owners who are inspired to initiate a business and become self-dependent. The scheme has quick and easy loan disbursal for women who are willing to set up tailoring units, beauty parlours, tuition centers and many more ventures. The loan is collateral free which means not providing any security to avail it.

How can you avail Mudra loan?

The loan procedure is simple, and you will need to contact a financial lender in your region.

You can contact:

  • Public/private Scheduled Commercial Banks
  • Regional Rural Banks
  • Scheduled Urban Co-operative Banks
  • State Co-operative Banks
  • Micro financial institutes such as trusts and societies

Verification will be done which will include some easy formalities and then the verified women would receive Mudra Card.

The Mudra Card is a credit system which can let you withdraw Rs.10,000 at a time as business grants for females.

Other than the Mudra Yojana Scheme for Women, females can also avail grants under Shishu, Kishor and Tarun schemes as well. Government loans for women were never the same before as it is now and the number of beneficiaries of such schemes is expected to surge!

Business loan for women

If you need more money to give pace to your business, you can avail a business loan for women up to Rs.30 lakh with a host of amazing benefits such as:

  • Higher loan amount – Rs.30 lakh is what you can borrow at a lower business loan interest rate to fulfil your business needs
  • Flexi loan facility – You can withdraw an amount of your choice out of the total credit and pay only the interest as EMIs. Rest amount gets adjusted after the loan-term completes.
  • Unsecured loan – Since a business loan for women is a collateral free loan, and you can easily secure it without security and faster.
  • Online account management – You can access your business loan via the digital customer portal of the lenders and track it from anywhere and 24/7.

The Bottom Line

You just went through some of the useful financial/business grants that women entrepreneurs can avail to boost their business’ growth! All that you need to do is -apply for one after analyzing your needs and affordability to be loan confident.