With a view that women entrepreneurs should come forward in industrial field and become self- sufficient, government and financial institutions have announced many schemes of providing financial assistance.
1. Seed Capital Scheme: In order to start one’s own business this scheme is undertaken by the government. Government provides funds @ 10% to unemployed youths and women. The seed capital provided is 10% to 15% of the total cost of the project. The percentage of seed capitalist 22.5% for backward class candidates. The woman is treated unemployed even if their husbands are in business or service. The qualification is they should have passed at least the standard and should be between 18- 50 years of age. The maximum capital available is 5 lacs. For a partnership firm, the contribution of employed should be more than 75%. The seed capital granted is to be aid within the period of 7 years. More details in regard are provided by District Industries Centre.
2. National equity Fund: National Bank or State finance Corporation implements this scheme. There is no condition of age or education under this scheme. Loan granted for industrial or service oriented business purpose. It is expected that the candidate should contribute minimum 105 of the cost of the project. 15% of the project cost is granted by the bank towards capital @ 10% equity fund as loan.75% of project cost is granted by the bank in the form of loan.
3. Finance Corporation Scheme: All the schemes announced by the finance corporation scheme are applicable to women entrepreneurs. Prime minister’s employment guarantee scheme, Central government’s scheme for educated unemployment: This scheme is sponsored by central government. The age limit applicant is 35 years and minimum education is Std.Xth. Under this scheme 95% of loan is granted by the bank. 15% subsidy is available. Rs. 5,000 for business purpose. Rs. 25,000 for service industry and Rs. 35,000 for the purpose of individual loan is granted. The candidate is not expected to contribute his share. 15% of subsidy is directly remitted to bank by central government. This scheme has been revised from April 1999. The income limit of the partners of the women should not be more than Rs. 24,000 p.a. for availing loan under this scheme, the candidate has to make an application to District Industries Center.
4. Women Industries Fund scheme: Under this scheme women entrepreneur’s get 15% seed capital of total cost of the project for starting a new business. The seed capital money is restricted to Rs. 4 lacs. The cost of the project should not exceed 10 lacs. It is expected that women entrepreneurs should contribute 10% of total project cost.
Incase of partnership firms/ private limited company the contribution of women entrepreneurs should be minimum 51% of the total project cost. For availing this facility application must be made to nationalized banks or State Finance Corporation.
5. Single Window Scheme: To facilitate women entrepreneurs in getting term loan and working capital from one and the same institution, the Small Industrial Development bank of India has started this scheme. It is applicable to both, male and female entrepreneurs. This scheme is applicable to project where total expenses are up to 20 lacs (excluding working capital and margin money). The loan is too repaid within the period of 1 year. Entrepreneurs share in the project should be 25%. This scheme is implemented through Finance Corporation. The corporation also provides term loan and working capital. Bank has to take the responsibility of providing working capital.
6. Joint Loan Scheme: Under this scheme, the artisans living in rural areas, where the populations is up to 5 lacs get the loans to purchase instruments and working capital needs. Financial assistance is available cent per up to Rs. 50,000 lacs with minimum rate of interest. Loan granted is to repaid within a period of 8 years. There is no restriction of age education qualification of the candidate.
7. District Industries Center Scheme: The main objective of this scheme is to start industries in rural areas where the population is less than 1 lacs. The industries with investment in machinery not exceeding Rs. 2 lacs are eligible for financial assistance under this scheme. 20% of 2 lacs for general category and 30%incase of backward people are granted as seed capital from the District Industries Center. The remaining amount of entrepreneur has to invest rest of the amount. The government sponsors this scheme. The rate of interest on seed capital is 4%. The District Industries Center implements the scheme and the applicant has to apply to them for financial assistance.
8. Scheme of KVIC: Many schemes are implemented by KVIC for women entrepreneurs to start their own business (cottage industries) in rural and semi- urban areas.
9. Women Financial Corporation: For overall financial development of women, Government establishes Women Financial Corporation.
10. Training For Women Entrepreneurs: The Indian small development bank has undertaken training programme for women entrepreneurs with an object of getting more opportunities for starting self employment industries/ business for women. This scheme is implemented in the state of Maharashtra at Maharashtra District Center, Aurangabad and other centers.
11. Banks Scheme for women entrepreneurs: Bank implements various scheme for women entrepreneurs, one of which is “streeshakti” in State bank of India.
12. Subsidy on Interest Scheme: The Indian Finance Corporation ahs implemented this scheme. The subsidy is granted loans up to Rs. 10 lacs. The women entrepreneurs are encouraged to start their own business. They are encouraged to undergo training in industrial development. The industry should be run by the women entrepreneur with the contribution of 51% of total cost of project. The amount of subsidy available is interest for 1 year or Rs. 20,000 granted through financial institution to women entrepreneurs. Indian Financial Corporation reimburses this amount to the financial institutions.
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