The number of women entrepreneurs hailing from the NorthEast region as per Startup India website and the Government of Arunachal Pradesh is more than 550. In a bid to encourage more women to begin their entrepreneurial journey, Startup India along with Ministry of Development of NorthEast Region has launched the Women Enterprise Development Scheme.
Empowering Women Entrepreneurs in NorthEast India
Known for its diverse culture and picturesque landscapes, the Women Enterprise Development Scheme stands as a beacon of opportunity for proficient women entrepreneurs hailing from the NorthEast region. This visionary initiative is designed to empower and uplift womenpreneurs, granting them the essential resources and support required to cultivate and actualize their entrepreneurial aspirations. Moreover, established businesses also find a supportive hand here, with financial assistance available to fuel expansion, modernization, and diversification. Let's delve into the details of this remarkable scheme that is paving the way for economic growth and empowerment.
What are the Key Components of the Women Enterprise Development Scheme?
At the core of this scheme lies the provision of financial assistance that acts as a stepping stone for women entrepreneurs to venture into the business world. The scope is vast, encompassing not only start-ups but also existing businesses looking to evolve. This evolution could take the form of expansion into new horizons, modernization to keep up with the times, or diversification to explore new avenues.
What are the benefits of the WED scheme for Women Entrepreneurs?
Term Loan Assistance: Eligible entrepreneurs can receive a term loan, a substantial 75% of the entire project cost. However, it's important to note that the project cost must not exceed Rs. 15 lakhs, a figure inclusive of working capital.
Promoter's Contribution: The scheme emphasizes the commitment of the entrepreneurs themselves. A minimum of 25% of the project cost must be contributed by the promoters, highlighting their dedication to the venture's success.
What is the Eligibility Criteria for Aspiring Womenpreneurs?
The Women Enterprise Development scheme sets its sights on women entrepreneurs who possess valuable skills and fall within the age bracket of 18 to 50 years. The eligibility spectrum is wide, encompassing any viable income-generating activity, including but not limited to small business trades.
How to apply for the WED scheme?
For those who meet the criteria and are eager to seize this transformative opportunity, the process is straightforward. Simply apply to the Chairman and Managing Director of NEDFi, located at G.S. Road, Dispur, Guwahati – 781006. The application process follows the prescribed format of NEDFi, ensuring a seamless journey towards empowerment.
Expansion, Modernisation, and Diversification Support
Beyond nurturing new ventures, the scheme also welcomes established businesses into its fold. Entrepreneurs with existing enterprises can tap into the scheme's benefits to facilitate expansion, modernization, and diversification. This strategic support enables businesses to stay competitive, adapt to changing market dynamics, and explore new avenues for growth.
A Pathway to Entrepreneurial Success
The Women Enterprise Development Scheme is a testament to the power of empowering womenpreneurs in the NorthEast region. By providing financial assistance and resources, the scheme paves the way for aspiring entrepreneurs to bring their ideas to life. Moreover, established businesses find avenues for growth and transformation, ensuring economic development in the region. This initiative stands as a shining example of how empowerment, innovation, and support can drive economic progress and women's participation in the entrepreneurial landscape.