MSME Funding Schemes: What women entrepreneurs are saying
When we, at SMBStory, travel to various corners of India, we hear about many women entrepreneurs with inspiring tales of bravery, leadership and creativity in their journey of entrepreneurship. They demonstrate these incredible qualities despite historically being disadvantaged and oppressed to access resources.
These limitations get even more challenging when it comes to illiterate and semi-literate women entrepreneurs from rural areas. But, in both rural and urban areas, women have availed certain schemes provided by the government to help start or run a company.
We spoke to some women entrepreneurs about their experiences in availing such schemes to run their businesses. Here is what they say.
Sonia Sharma, Founder, Nature Organic, says, “So far I’ve met some very helpful officials at the MSME office, who have given me handouts with schemes available. I have also attended a few workshops done by MSME and found them to be very useful. They have explained a few schemes but I have not availed any as yet. Founders who are a one-woman army, juggling between every aspect of business, find it difficult to focus on succeeding in availing government schemes.”
Namratha Yadav, Founder, Chemico, says, “Women often come to the MSME office to enquire about various schemes, courses and support they have for women entrepreneurs. It is not difficult to take courses and participate in trade fairs. I have taken up different courses and also availed a scheme to participate in trade fairs and display my products. One such event was India Industrial Fair 2018 in Jaipur.”
Namratha Yadav, Founder, Chemico
Mariam Mohiudeen, Founder, Baker's Treat, says, she availed the MUDRA loan in 2017. “I availed a MUDRA loan under an MSME entrepreneurship scheme, and had a good experience. The banking officials were helpful and eased all my problems and concerns".
However, luck didn't seem to favour some women. Despite all the schemes, many women are still finding it challenging to access credit and training to run a business.
“I am trying my best to avail benefits from the MSME department, but in vain,” says Thejaswi S, Founder, Koko Boost. “On paper, all the schemes seem very promising. But when I approach the concerned departments, it becomes difficult to avail the schemes.”
Kirti Agarwal, Founder, Krishna Industries, says it is difficult to get the benefit of MSME schemes as the processes involved are lengthy. “Many schemes don’t have a proper and practical implementation. Recently, I participated in an expo but I am yet to receive subsidy or refunds. I was supposed to get it in eight days but now thirty days have passed,” she added.
Bhavna Anand Sharma, Founder, Cureveda, says she has not availed any schemes yet. She believes that access to resources is easier for men because of reasons beyond schemes. “There are many reasons such as networking extensions beyond work hours, male support groups, etc. Unfortunately, there are not many women in business, and neither are there enough support structures,” she says. “In tier II cities such as Chandigarh and Nagpur, there needs to be a reversal of mindset and prejudices.”
Bhavna Anand Sharma, Founder, Cureveda (right), with Giriraj Singh, Minister of State, Ministry of MSME (left)
But they are all optimistic about the future and making the maximum use of the resources available to them. Poojitha Prasad, Founder, Deccan Diaries, says, “Women’s entrepreneurship has finally come of age. There are many schemes available now to help realise our dreams. What is needed is investment in educating people about the available schemes so that women are empowered.”
Heena Thakkar, Founder, Whistle Snacks, believes that a supporting family goes a long way, irrespective of the person’s gender. “Of course there are challenges related to gender. But there is still a lot of room for mindsets to be shifted away from the traditional, male-dominated society.”
Heena Karia Thakkar, Co-Founder, Whistle Snacks (right), with Mishal Thakkar, Co-Founder, Whistle Snacks (left)
Jyotsna Uttamchandani, Executive Director, Syska Group, says that there is now momentum for women to lead businesses to success. “Women have been consistently breaking traditional barriers and taking steps towards a transformational future,” she says. “In traditional family-run businesses, where women had minimal-to-no-role, we are now seeing a shift where women are taking up leadership positions to advance the businesses to new heights.”
Presently, more than 86 percent of entrepreneurs in India are men, according to Startup India data. But there is a slow but sure mindset shift among the stakeholders in the MSME and startup ecosystem. We are poised to see improvements in the numbers of women launching their businesses. The MSME ecosystem in India is an overflowing well of innovative ideas, and women business owners are right up there with their creative solutions to a number of problems. It’s only a matter of time until they all find their feet.
Some of the major schemes for budding women entrepreneurs are:
- Mudra Yojana Scheme
- TREAD (Trade Related Entrepreneurship Assistance and Development) Scheme
- Mahila Udyam Nidhi Scheme
- Annapurna Scheme
- Stree Shakti Package For Women Entrepreneurs
- Bhartiya Mahila Business Bank Loan
- Dena Shakti Scheme
- Udyogini Scheme
- Cent Kalyani Scheme
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