The Women Entrepreneurship Mission (We Mission) scheme implemented by Kerala State Industrial Development Corporation Ltd. (KSIDC) has elicited good response from women entrepreneurs, especially from micro, small, and medium enterprises, the KSIDC has said in a statement.
‘We Mission’ was launched to provide loans to women entrepreneurs in manufacturing and services sectors using industrial machinery with average turnover of ₹10 lakh and above to facilitate their expansion, modernisation, and diversification-related targets. The loan is given to proprietorship, partnership firms, limited liability partnerships, and private limited companies owned and managed by women.
Minister for Industries P. Rajeeve had announced the doubling of the loan amount at the Women Entrepreneurship Summit. As per this assurance, the loan amount under the We Mission has been increased from ₹25 lakh to ₹50 lakh at 7.5% rate of interest. The tenure of the loan is limited to a period of five to six years, including a moratorium up to six months from the date of sanctioning of the loan.
The scheme has already helped a large number of women entrepreneurs overcome difficulties in meeting financial requirements to convert their ideas into viable business models, the KSIDC said in the statement.
The KSIDC has sanctioned ₹748.43 lakh under the scheme since its launch in 2017-18. This includes ₹148.66 lakh provided so far this year, with the final figures envisaged to be much higher.
S. Harikishore, MD, KSIDC and Director, Industries and Commerce, said the ‘We Mission’ initiative was modified to extend its benefits to more women entrepreneurs, increase its acceptance, and encourage more women to take up entrepreneurship.
