3 months ago
2
Despite entree to ceremonial recognition continuing to stay 1 of the biggest barriers for women entrepreneurs successful India, MSME fintech Progcap said done it’s ProgShakti inaugural it has addressed this contented by expanding recognition limits for women borrowers by 105% implicit time, reflecting stronger recognition profiles and expanding concern operations.
“One of the biggest challenges for women entrepreneurs has been the accepted request of collateral and a antheral co-applicant successful lending systems. Through ProgShakti, we sought to region these structural barriers by offering unsecured moving superior loans that women entrepreneurs tin entree independently,” said Pallavi Shrivastava, Co-founder, Progcap.
“Our purpose is not conscionable to supply flexible credit, but besides to enactment women-led businesses done capableness gathering via the ProgShakti Development Program,” helium added.
As per studies women borrowers look astir a 19% indebtedness rejection complaint compared to 8% for men, often owing to factors specified arsenic deficiency of collateral, constricted recognition past and structural barriers wrong accepted lending systems.
According to the Small Industries Development Bank of India (SIDBI), women entrepreneurs look a 35% recognition spread compared to 20% for men, highlighting the challenges women-led businesses look successful accessing organization finance.
Recognising this gap, Progcap had launched ProgShakti, an inaugural aimed astatine expanding entree to recognition for women-led MSMEs and enabling them to turn their businesses independently.
Till date, Progcap said it has enabled much than ₹10,000 crore of recognition to women entrepreneurs done the ProgShakti initiative.
“The level is besides seeing beardown engagement, with astir 90% of women borrowers returning for repetition financing, signalling increasing spot successful ceremonial recognition channels,” the fintech said.
“Women borrowers presently relationship for 17% of Progcap’s wide portfolio, increasing astatine 40% year-on-year, with astir 90%of these entrepreneurs coming from Tier-2 and Tier-3 markets,” it added.
Ghaziabad leads among cities successful presumption of women borrowers connected the platform, followed by Lucknow, Jaipur City, Bengaluru South and Patna for women entrepreneurs accessing recognition done ProgShakti.
