Chennai, September 28 (Daily Kiran) : The Tamil Nadu government has introduced a new initiative aimed at empowering women entrepreneurs. Women looking to start or expand their businesses can now apply for loans ranging from ₹10 lakh to ₹5 crore. This scheme is designed to improve access to financial assistance from banks and financial institutions.
Legislators have been tasked with identifying ten potential women entrepreneurs in each of the state’s 234 assembly constituencies, potentially creating an initial pool of 2,340 applicants. These loans will be disbursed through the Tamil Nadu Industrial Investment Corporation (TIIC) at an annual interest rate of 9.95%, calculated on a reducing balance basis, with a repayment period of up to nine years.
Legislators are expected to find women in their constituencies who have the capacity to start a business and are interested in securing financial support. They will submit profiles of these potential applicants to the Industries Department for further investigation.
Officials will assess the eligibility and conditions of candidates before shortlisting them for assistance. This identification process aims to include applicants from across Tamil Nadu, particularly from areas outside major cities and established industrial centers.
It’s important to note that simply being nominated by a legislator does not guarantee a loan. S. Keerthana, the Minister for Industries and Investment Promotion, emphasized that financial constraints often hinder women from turning their business plans into reality. Many women possess the desire and capability to start a business but face challenges in securing the necessary funds.
Keerthana stated in a press release that the government’s goal goes beyond just providing loans. It aims to pave the way for women to become entrepreneurs, create jobs, and contribute to the state’s economy. Reaching potential applicants in every assembly constituency is part of this effort. The scheme also includes women already running businesses who wish to expand.
For applicants seeking funds to grow their businesses, proposals will be evaluated before the loan amount is finalized. The amount each selected woman receives will depend on the assessment of her proposal and the stipulated lending criteria.
The government has not specified the deadline for legislators to submit names or when selected women can expect their loans to be approved.
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