Tamil Nadu expands loan scheme for women-led enterprises
Tamil Nadu is taking a women-focused enterprise finance scheme to all 234 Assembly constituencies, offering eligible entrepreneurs loans of ₹10 lakh to ₹5 crore. The loans carry an interest rate of 9.95% on a diminishing balance basis and can be repaid over up to nine years.
The Tamil Nadu government is expanding a scheme intended to help women start and grow businesses by providing access to institutional finance and support. The Vetri Magalir Thozhilmunaivor Membattu Thittam will offer eligible women entrepreneurs loans ranging from ₹10 lakh to ₹5 crore through the Tamil Nadu Industrial Investment Corporation, or TIIC. The loans will carry an annual interest rate of 9.95% on a diminishing balance basis.
Borrowers will have up to nine years to repay the loans, according to the Industries Department. Industries and Investment Promotion Minister S. Keerthana said access to capital could be a barrier between an entrepreneurial idea and the creation of a viable business.
She described women’s economic empowerment as an important part of the State’s next phase of industrial and economic growth. The government is taking the scheme to all 234 Assembly constituencies in Tamil Nadu. Members of the Legislative Assembly have been asked to identify 10 promising women from their constituencies.
Applications will then be assessed on eligibility and merit. The supplied material did not specify the total number of loans available, the scheme’s overall budget or a deadline for applications. Keerthana said successful women-led businesses could create opportunities for other women and strengthen local economies.
The scheme is designed to provide both financing and institutional support, although the report did not detail additional forms of assistance beyond the TIIC loans.
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