-Creation of a fund to provide financial assistance, provide loans at low interest rates
VAIBHAV PARWAT
Chhatrapati Sambhajinagar: The W20 meeting, which was recently held in the city, proved to be a boon for industries generating business. The meeting saw participation from women leaders of various sectors including IT, finance, manufacturing and healthcare who discussed and exchanged ideas on promoting gender equality, women’s economic empowerment and increasing their participation in the workforce.
One of the key focus areas of the summit was the promotion of Small and Medium Enterprises (SMEs), as they play a crucial role in creating jobs and driving economic growth. The W20 provided greater support for SMEs, particularly those owned and run by women, through targeted policies and programmes. Several initiatives were announced at the summit to support SMEs and Self Help Groups (SHGs). One of these was the creation of a fund to provide financial assistance to women-owned businesses. The fund will be managed by a consortium of banks and financial institutions and will provide loans at low interest rates to SMEs and SHGs. Another initiative announced at the summit was the launch of a mentorship programme to support women entrepreneurs. The programme will connect women entrepreneurs with experienced business leaders who can provide guidance and support on a range of issues, including business strategy, marketing, and finance.
Opportunities in the global market
"The W20 was an excellent platform for SMEs to network, access finance and get valuable insights helping us to better understand the challenges and opportunities in the global market, and we are confident that this will help us to grow and expand our businesses. Focusing on supporting SMEs and SHGs, which are often overlooked but are essential to building a more inclusive and sustainable economy," said Jyoti Gupta, owner of an SME.
Crucial in helping women
Smita Sandhane, CEO of a women-led SME that specializes in organic farming, said "Initiatives like the mentorship programme and the fund are crucial in helping women entrepreneurs to overcome these challenges and build successful businesses. We got an excellent opportunity for networking and exploring potential collaborations, which could benefit the industries generating business."