THE DELHI Management Association (DMA) and the Indian Business Academy (IBA) organised a conference Women Entrepreneurship Unplugged. The conference was attended by 106 women entrepreneurs. The galaxy of speakers included successful women entrepreneurs and knowledge speakers.
- Sandeep Sinha, Managing Partner, Lumis Partners and
- Alaknanda Kumar, Managing Director, Kumar Agro Foods
The key takeaways of the session were:
- Collateral-free loan upto Rs 10 lakh is made mandatory by RBI. Any applicant with fundable project can approach nearest bank and submit proposal. The bank may seek personal guarantee of parents but that too is not a must. In case the bank manager does insist on a collateral for loan upto Rs 10 lakh, the applicant may approach the Regional Manager/General Manager of the same bank.
- Collateral-free loan is available upto Rs 100 lakhs under CGTMSE Scheme. The loan, though, is a little expensive in terms of the interest rate. Any applicant with a fundable project should contact the nearest bank branch with maximum possible details of the project.
- Win trust of your banker and always be honest with him. That helps entrepreneurs in the loan run.
- Under PMRY, you can get upto Rs 25 lakh collateral free loan. Do contact your nearest DIC office for more details.
- Vocational Training by DIC/NSIC/other organisations help you in many ways including helping you connect with bank loans.
- VC funds look for ideas that have the potential to grow many folds in 3-5 years of span, which means they are willing to invest in a business of Rs 5 lakh today. It has the potential to grow to Rs. 100 crores in 3-5 years.
- VCs bring not only the money but hand-holding and networking.
- However, without doubt debt funding is cheaper better than VC funding in the longer run.
- Funding mantra of experts: Be honest, believe in your idea, be ready for hard work and be persistent.
- Focus on own business, and if possible hire financial advisers to help get you funding.
- More information on start-up and funding issues can be attained from the websites.