SME Digital World

Tag: women

  • CGTMSE Increases Credit Guarantee for Women MSMEs to 90%

    CGTMSE Increases Credit Guarantee for Women MSMEs to 90%

    CGTMSE

    CGTMSE Increases Credit Guarantee for Women MSMEs to 90%

    The MSME Ministry has announced that women-owned micro and small enterprises (MSEs) will now benefit from increased credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. The move, aimed at boosting women’s entrepreneurship, will see credit guarantees for women-owned MSMEs rise to 90%, enhancing their access to collateral-free loans.

    This new measure was highlighted by MSME Minister Jitan Ram Manjhi during a press conference discussing the ministry’s achievements over the past 100 days. The change, approved by the CGTMSE Board on September 9, 2024, also includes provisions to reduce the annual guarantee fee, further improving credit access for women entrepreneurs.

    According to the ministry, approximately 27 lakh women-led MSMEs are expected to benefit from the initiative. The CGTMSE scheme was previously extended to women-owned MSEs in December 2022, offering an 85% credit guarantee on loans up to Rs 2 crore, which was later increased to Rs 5 crore.

    The government’s goal is to facilitate Rs 5 lakh crore in credit guarantees for MSEs over the next two years through the CGTMSE scheme. In FY24, the credit guarantee amount doubled to Rs 2 lakh crore, marking the highest ever in a single fiscal year. In comparison, FY23 saw Rs 1.04 lakh crore approved across 11.65 lakh guarantees, while FY22 recorded Rs 56,172 crore across 7.17 lakh guarantees.

    To further support women entrepreneurs, the ministry launched the Yashasvini Campaign in June 2023, aimed at raising awareness about government schemes, formalizing businesses, and building capacity for women entrepreneurs. The campaign kicked off in Jaipur in July with over 4,000 Udyam and UAP registrations, followed by a second event in Ranchi on September 11, involving 200 women entrepreneurs and self-help groups.

    The press conference also highlighted the growth in Udyam registrations, which surged from 1.06 crore in 2023 to 5.07 crore in 2024, benefiting approximately 21 crore people through job creation. Additionally, under the Prime Minister’s Employment Generation Programme (PMEGP), 26,426 new micro enterprises were established, with loan disbursements totaling Rs 3,148 crore in the last 100 days, expected to create employment for 2.11 lakh individuals.

  • CreditEnable Partners with WEP to Empower Women Entrepreneurs

    CreditEnable Partners with WEP to Empower Women Entrepreneurs

    women empowerment

    CreditEnable Partners with WEP to Empower Women Entrepreneurs

    CreditEnable has partnered with the Women Entrepreneurship Platform (WEP) incubated by Niti Aayog to launch its flagship digital financial wellness program, Shine, aimed at women entrepreneurs across India.

    Introducing Shine: A Path to Financial Wellness

    Shine, developed by CreditEnable and powered by Experian, offers SME owners a comprehensive analysis of their financial health alongside digital coaching to help them manage their finances better. This initiative aims to enhance their creditworthiness and secure financing on favorable terms from formal financial institutions.

    Key Features of Shine:

    – 360° Financial Analysis: Shine provides entrepreneurs with an in-depth overview of their financial health, including credit scores, banking, and GST data, to reveal loan eligibility and improve approval chances.

    – Actionable Tips: The program offers clear, actionable steps to improve financial profiles and address lender concerns.

    – Better Loan Prospects: By following the expert advice provided, entrepreneurs can improve their access to finance at affordable rates.

    Shine for Women Entrepreneurs:

    The Shine program offers exclusive benefits for women entrepreneurs, including:

    – Discounted Access: 1,000 women entrepreneurs will receive discounted access to the digital financial wellness program.

    – Regular Curated Insights: The program delivers frequent insights to help maintain and improve financial health.

    – Actionable Recommendations: Detailed analysis of financial data to provide practical steps for improvement.

    – Live Webinars: Free webinars on improving credit and financial profiles for 500 women entrepreneurs.

    – 1-1 Financial Coaching: Personalized coaching and discounted remediation program for 500 women entrepreneurs.

    – Loan Application Assistance: Support for 1,000 women entrepreneurs in navigating the loan application process.

    Empowering Women Entrepreneurs:

    Currently, only 10% of SME loan applications are successful, with women entrepreneurs facing even greater challenges in accessing formal finance. Shine addresses these unique challenges by offering tailored financial advice and actionable insights to help women entrepreneurs achieve financial independence. CreditEnable’s collaboration with WEP incubated by Niti Aayog underscores their commitment to fostering growth and financial inclusion for women-led businesses.

    “We are delighted to partner with WEP incubated by Niti Aayog to distribute Shine to women entrepreneurs across India,” says Nadia Sood, CEO & Founder of CreditEnable. “By providing them with the tools and resources they need to understand and improve their credit health, and directly facilitating access to finance for them, we are opening doors to new opportunities for their businesses to thrive.”

    “WEP incubated by Niti Aayog is proud to partner with CreditEnable on this innovative program,” says Anna Roy, Principal Economic Advisor at NITI Aayog. “Shine will equip women entrepreneurs with the financial knowledge and creditworthiness they need to become stronger, more competitive business leaders.”

  • Women constitute 36% of workforce in Indian start-ups and SMEs, finds HerKey report

    Women constitute 36% of workforce in Indian start-ups and SMEs, finds HerKey report

    SME

    HerKey Report: Women Constitute 36% of Workforce in Indian Start-Ups and SMEs

    A recent HerKey study revealed that women represent 36% of the workforce in Indian startups and SMEs. The HerKey DivHERsity Benchmarking Report 2023–24 found that women make up 34% of the workforce across all surveyed companies, which included 300 firms.

    Large enterprises led with a 38% women participation rate at the entry level, although this figure drops to 19% at mid-management and senior levels. Notably, the proportion of women hired in C-suite roles has decreased to 24% from the previous 37%, indicating a need for stronger measures to support women’s advancement to top leadership positions.

    Neha Bagaria, Founder & CEO of HerKey, commented on the findings: “Women don’t face a constraint on ambition—they face a constraint on opportunity. The DivHERsity Benchmarking Report underscores the need for continued efforts to elevate women to leadership roles.”

    The study highlighted that 84% of surveyed companies have initiatives dedicated to recruiting women, with 98% of large enterprises committed to gender diversity goals in hiring. Among these, 88% successfully met their objectives. Startups and SMEs are also making strides, with a 97% success rate in achieving gender diversity goals.

    Additionally, 82% of large enterprises and 67% of SMEs and startups have launched programs to hire women returning to work. These initiatives have been highly successful, with 93% of women in large enterprises and 83% in startups and SMEs being hired through such programs.

    Founded in 2015, HerKey collaborates with over 15,000 companies across India, helping them to recruit women employees.

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