In India, entrepreneurship ventures or startups are now increasing rapidly. On the other hand, women entrepreneurs with new enterprises are granted a variety of perks. India’s leading financial institutions, including nationalized, private, and public sector banks, have established several lending programs. These programs have expanded the market to promote further growth of entrepreneurial initiatives among women.
In India, a constantly rising of female entrepreneurs has been developing in various fields and industries. Women are now in charge of everything, from traditional woman-friendly businesses like cottage industries to cutting-edge startups. Women entrepreneurs are increasing worldwide now.
Rise of Women Entrepreneurship
Three factors played an important role in the rise of women’s entrepreneurship in India. They are as follows:
With the rise of digital lending companies, getting a business loan in Mumbai for women has become easier. Today, a woman with an entrepreneurial concept can take or seek financial assistance from her family or under the msme loans. She can quickly receive the funds she needs from a digital lender and get her business up and running.
Another key aspect is online selling which also plays an important role in raising women’s entrepreneurship. Products can now be sold from the comfort of one’s own home, and a woman entrepreneur can quickly deliver things across the county via online purchasing.
Marketing Through Social Media Networks
With the popularity of social media networks, many entrepreneurs are now using social media for marketing. You can easily market your products or services through social media. Moreover, it plays a major role for women who want to start a business from their home comfort.
Challenges Overcome By Women Entrepreneurs
We’ve all seen women lead businesses, from owning a beauty parlor to a teacher who runs a tuition center out of her house. On the other hand, women had to deal with these little, informal work-from-home firms for years. Breaking into the official business sector is led up with difficulties. Here are a few of the most typical issues that women in India have overcome while starting a business:
- Family problems or children responsibility
- Lack of family support
- Question on the credibility of the women
- Red Tape or Bureaucracy
- Society’s thoughts for competing with men entrepreneur.
However, much has changed in several years due to digitization, e-commerce, and the rise of social media. In India today, the vast majority of startups are led by women or have a female co-founder.
5 Business Loan Option For Women Entrepreneur
The Government of India has provided many business loan options for women entrepreneurship. Here is the most popular business loan for women in India.
Bharatiya Mahila Bank Business Loan
This banking plan was designed in the first place to help women and their enterprises on a wide scale. Women have dabbled in a variety of industries and are continuously striving for success. This bank was founded to empower women economically. This source has a borrowing limit of Rs.20 crores. They provide best customer experience.
Mudra Yojana Scheme
This initiative aims at improving the status of providing business loans to women entrepreneurs. It will help them to be independent and self-reliant. Once the loan is approved, they will get Mudra cards. These Mudra cards will work like credit cards for them. With the card, they can withdraw 10% of the loan.
Orient Mahila Vikas Yojana Scheme
Women who are sharing 51% capital individually or collectively, then this scheme is for you. This scheme will help in expanding your business and developing your business in the market. Moreover, this scheme does not require any collateral security. Also, it will give a concession of a 2% interest rate to women entrepreneurs.
This loan is for women who are just starting with their small enterprises. The loan helps women to start up their business with the loan amount. The capital needs such as purchasing equipment and utensils, establishing trucks, etc., can be fulfilled. This scheme will boost their sales. Moreover, the loan amount is limited to up to INR 50,000.
Mahila Udyam Nidhi Scheme
This program tries to close the equity gap. It encourages MSMEs and small-business ventures for various industries to expand and succeed in the market. The debtor is allowed ten years to repay the loan, with a maximum loan amount of INR 10 lakhs. This scheme also helps in reconstructing SSI (Small Scale Industries) units.