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Did you know that India is third in the list of nations with maximum startups and is right behind the U.S. and U.K.? According to the Your Story Research: Indian Startups Funding Report for 2015, $9 billion was invested on Indian startups in 2015 and the 2016 has started with an impressive $38 million in investments.
In order to boost entrepreneurship and startups, especially amidst women, the Indian Prime Minister, Narendra Modi, announced the Start-Up India, Stand Up India campaign. The campaign will be launched on January 16, 2016. Women and individuals belonging to backward castes are often neglected when it comes to education and entrepreneurial opportunities and this campaign aims to rectify the situation by providing loans to these inadequately served groups.
As part of the program, the government has set aside Rupees (Rs.) 8,000 crores, about $1.19 billion, as a guarantee for loans given out to startups. To ensure the success of the Start-Up India, Stand Up India program, every bank in the country has been asked to provide loans to at least one women entrepreneur and one individual from a backward sect.
The program aims to process at least 250,000 loans in the next three years and promises to support and guide the borrowers through every step of the process. The loans will range between Rs. 10 lakhs ($14,972) and Rs. 1 crore ($149,723) and will be offered at the lowest possible interest rates, as an added incentive for the entrepreneurs.
With this program set to launch in a few days, Google has signed-up to host a competition for startup companies. To begin with, five young startups will pitch their companies and ideas before a panel and the top three will receive the privilege of attending Google’s Launchpad Week 5 Day program and receive $100,000 Google cloud credits.
We are aware of government organizations and national banks that provide loans specifically to women-owned businesses and are of the opinion that more women and minority entrepreneurs will venture into the business realm if loans are made more affordable and accessible.