Women entrepreneurs get shot in the arm with more avenues for finance

Mumbai, July 5 (IANS) Financing Women Collaborative (FWC), an initiative of Women Entrepreneurship Platform (WEP) on Friday announced new collaborations to support women entrepreneurs by strengthening their access to finance at a workshop held here.

As part of the workshop, Anna Roy, Mission Director, WEP and Principal Economic Adviser, NITI Aayog, launched several initiatives.

Key highlights included the announcement of a partnership between MAVIM and MSC under FWC to improve access to finance through alternative credit rating mechanisms and work with banks to offer more tailored products for women entrepreneurs in Maharashtra.

An MoU exchange between WEP and GroW Network founded by AfD, SIDBI, and Shakti Sustainable Energy Foundation; launch of the “Seher” program by TU CIBIL and launch of the Shine program in partnership with CreditEnable to strengthen the credit readiness of women-led enterprises were other initiatives announced to benefit women entrepreneurs.

Additionally, SEWA Bank’s commitment to reaching out to more women entrepreneurs as a member of FWC was also announced.

The event included an engaging session exploring “Perspectives on encouraging banks to finance women beyond SHG groups” and a panel discussion titled “Accelerating women’s access to finance: Unlocking the potential of the women-led economy for achieving Vision 2047.”

The meeting was organised by WEP in partnership with TransUnion CIBIL (TU CIBIL) and MicroSave Consulting (MSC).

Key dignitaries included senior officials from NITI Aayog, RBI, the Ministry of Finance, the Ministry of MSME, SIDBI, public-sector banks, private-sector financial institutions, CSOs/NGOs, and women entrepreneurs who attended the workshop.

WEP, incubated in NITI Aayog in 2018 as an aggregator platform, transitioned into a public-private partnership in 2022. WEP aims to strengthen India’s women entrepreneurship ecosystem.

It provides a forum for all ecosystem stakeholders across government, business, philanthropy, and civil society to collaborate, converge, and align their initiatives towards scalable, sustainable and effective programs, enabling a larger impact for women entrepreneurs.

WEP has over 20 public and private sector partners collaborating to strengthen women entrepreneurs in India.

FWC, an initiative of WEP launched in September 2023, aims to enhance access to finance for women entrepreneurs in India. It is chaired by the Small Industries Development Bank of India (SIDBI) and co-chaired by TU CIBIL, with MSC as its secretariat.

FWC brings together the financial service sector and organisations working with women entrepreneurs to create a supportive financing ecosystem for women.

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