3 Inspiring Stories of Women Who Changed Their Lives Through Business Loans
In India’s MSME culture, women play a crucial role. Plus, the number of women entrepreneurs in the country is increasing at an exponential rate but it’s still not enough. As of mid-2018, women accounted for 14% of all entrepreneurs in India. Interestingly, this increase in female entrepreneurs suggests that the number of female borrowers will also rise because entrepreneurs must manage their funds to build their businesses.
However, the need for small business loans for women is increasing. More women than ever before are venturing into the world of entrepreneurship and creating their enterprises. Despite this, research shows that they have a harder time obtaining funding than their male counterparts. Lack of personal financial assets, gender discrimination, and social taboos are all common hurdles in a woman entrepreneur’s life.
To get you inspired, here are the stories of women who faced hardships and yet succeeded. These women dared to dream. Let’s have a look at some of the stories of women entrepreneurs who made their dreams come true.
Godavari Satpute
At 38, Godavari Satpute, a native of Nari Village in Maharashtra, owns and operates Godavari Akashkandil, a paper lamp manufacturing company that she launched in 2009.
But when she started out, despite her desire to assist her husband, she lacked the necessary knowledge to make a career that would provide sufficient income for her children and joint family.
The Godavari had her eureka moment when she saw a paper lamp in a local store, and she realized she could also make it. She tried to get a small business loan for women from a bank with the help of her husband, but she was turned down. Finally, Godavari was able to lay the foundation after her relatives granted her a small interest-free loan. Later she was able to seek a small business loan for women from a reputed NBFC. Today she is successfully running her company and has given employment to more than 20 women.
Lakshmi Anmol Shinde
Lakshmi Anmol Shinde now contributes more than Rs. 15,000 to her household. Earlier, this amount was restricted to Rs. 5,000 only. She faced financial difficulties due to the untimely death of her husband. This unforeseen event prompted her to join a self-help group and borrow money to establish a small snack (papad) business.
She started selling homemade papads in her village. And later expanded her business to shops in Nagpur by availing of a small business loan for women.
Her efforts bore fruit and her business took off, as a result of which, eleven more ladies from her village have since joined her group.
Sivachandra
With the support of NBFCs like Kinara Capital, Sivachandra was able to expand her ready-to-cook food manufacturing business and create jobs for 12 other women in her community.
One of Kinara Capital’s core missions is to help women entrepreneurs grow their businesses. They do this through their HerVikas program, which provides discounted business loans for women who want to or already run a small business.
She found out about Kinara Capital from a friend and was able to get her first loan in 2018 to buy machinery. Subsequently, she took two more loans and was also a beneficiary of Kinara’s Covid Relief Loan
Nothing could be more true for today’s female entrepreneurs who are boldly and bravely acing new territories. Whether it’s e-commerce, education, investing, travel, fashion, retail, fitness, hiring, or anything else under the sun, they’re moving forward with unbridled enthusiasm to change the world around them. Or it is to make a difference with their ideas, seek solutions that have never been sought, fight diseases and social norms, run successful ventures, generate employment for many, and give back to the community.
