Hardika Shah: Empowering India's MSME Women Entrepreneurs with Access to Formal Credit can lead to a 16% rise in proprietor income
FinTech BizNews Service
Mumbai, November 17, 2023: Women’s Entrepreneurship Day is observed annually on November 19th. Women’s Entrepreneurship Day is OFFICIALLY PROCLAIMED AS A DAY OF SIGNIFICANCE on November 19!
As global entrepreneurs, Women's Entrepreneurship Day Organization foundation empowers and supports women in business across 100 countries, catalyzing a profound impact on poverty alleviation.
Hardika Shah, Founder & CEO, Kinara Capital, has an interesting perspective on this occasion. Hardika Shah reflects on the importance of nurturing women entrepreneurship and the value it can add to the economy and society. “Empowering India’s MSME Women Entrepreneurs with Access to Formal Credit can lead to a 16% rise in proprietor income,” says Hardika Shah, Founder & CEO, Kinara Capital.
“With Women's Entrepreneurship Day being a day to celebrate, we should accelerate the growth and participation of women entrepreneurs in our ambitious journey to become a 30 trillion-dollar economy.
Accelerating women in entrepreneurship is critical for the growth of the nation and we need to equip women entrepreneurs with adequate support to succeed. One of the most potent catalysts that can enable this shift is access to formal capital which can have a transformative impact on livelihoods and we have seen it happen first-hand with our HerVikas program.
Kinara Capital’s HerVikas is a one-of-a-kind dedicated program aimed at advancing women entrepreneurship from the micro-small-medium enterprise (MSME) sector. The program offers women entrepreneurs collateral-free discounted business loans. We had committed INR 700 crores in disbursement for HerVikas and the response has been incredible; we are thrilled to share that we have completed more than 88% of our commitment with more than 6,200 loans disbursed across 100+ cities in India. The overwhelming response to HerVikas is a testament to the growing demand for women-centric products.
The impact of HerVikas program has led to a 16% increase in proprietor income and cumulative post-loans net income generation of over INR 173 crores for the MSMEs. This improvement, especially in women’s incomes, is beneficial for the betterment of communities. According to the United Nations, women spend nearly 90% of their earned income on their families’ well-being, thereby improving access to better nutrition, healthcare and education.
This Women's Entrepreneurship Day, my hope is that we catalyze the growth of women entrepreneurs, especially in the micro-MSME sector, as they hold the key to unlocking the potential and the economic growth of India.”
