Entrepreneurs availed over 29.55 crore loans of Rs. 15.52 lakh crore under Pradhan Mantri Mudra Yojana (PMMY) since 2015

Aug 3, 2021 | Business

Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India Scheme (SUPI) are the flagship Schemes implemented by Department of Financial Services (DFS) for extending loans to entrepreneurs. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.

Under PMMY, institutional credit up to Rs. 10 lakh is provided by Member Lending Institutions (MLIs) for entrepreneurial activities to micro/small business units, including for new enterprises, which help in creating income generating activities in sectors such as manufacturing, trading, services and activities allied to agriculture. Government allocates annual targets regarding the amount to be sanctioned under PMMY to MLIs. For the current financial year (FY), a target of sanction of Rs. 3.00 lakh crore has been fixed for MLIs.

The Minister stated that as per data uploaded by Member Lending Institutions (MLIs) on Mudra portal, as on 31.03.2021, over 29.55 crore loans amounting to Rs. 15.52 lakh crore have been sanctioned under PMMY across the country, since inception of the Scheme in April, 2015. Of these, more than 6.80 crore loans amounting to Rs. 5.20 lakh crore have been extended to New Entrepreneurs/Accounts.

Giving details of the other flagship scheme, Stand-Up India (SUPI), the Minister said that it facilitates bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one Woman borrower per bank branch of Scheduled Commercial Banks for setting up greenfield enterprises in manufacturing trading or services sector and activities allied to agriculture.

The Minister stated that bank-wise (Public Sector Banks) details regarding the number of loans sanctioned to new entrepreneurs during each of the last three years and current year in respect of PMMY and SUPI are placed at Annexure-I    and Annexure-II respectively.

The Minister also stated that the Government takes measures on complaints received from time to time in respect of implementation of PMMY & SUPI, including turning down of loan applications or non-release of funds, are redressed in coordination with the respective banks.

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Local Entrepreneurs to Bring Koala Insulation to Northern Milwaukee

May 25, 2021 | Business

Margaux Caffa and Reinaldo Cesco have plans to change how Milwaukee goes about home improvement.

The husband and wife team have announced the opening of Koala Insulation in the Milwaukee market. Set to open in the late spring of 2021, Koala Insulation of Northern Milwaukee will provide property owners with the full-range of insulation options including spray foam, blown-in and blanket (batt) insulation in neighborhoods in the greater Milwaukee area.

“Effective insulation is one of the only home improvement processes out there that actually saves people money through reduced energy costs – and it makes homes more comfortable, too,” said Caffa. “Koala Insulation prides itself on how we educate clients so they can confidently make decisions on an otherwise opaque home improvement process.”

Caffa formerly worked for the U.S. Department of State doing political reporting, and more recently has worked in digital marketing and social media. Cesco was a commissioned military officer in his home country for nine years, before becoming a commercial airline pilot in the U.S.

Koala Insulation has differentiated its business model with a system that delivers efficiency and comfort to its clients. The brand’s commitment to white-glove service is executed through promptness, trusted expertise and cleanliness. Koala Insulation’s distinctions have driven its growth in the regions franchisees serve today.

“Earlier this year, we launched an aggressive growth strategy to disrupt the fragmented insulation industry and it’s great to see our plan happening so quickly with talented professionals,” said Scott Marr, founder and CEO of Koala Insulation. “With Margaux’s background in digital marketing and Reinaldo’s military discipline, they are the ideal couple to be bringing Koala Insulation to Northern Milwaukee.

Insulated from today’s market shifts, Koala Insulation’s franchise opportunity requires low-overhead while offering quick ramp-up time. As a mobile concept with no leases required, entrepreneurs are offered a low-barrier opportunity to break into business-ownership in the fast-growing, $52-billion recession-resistant insulation industry. The brand is equipped with a thorough franchise support structure, complete with training, operations, marketing, lead generation and technology systems for its franchisees.

Koala Insulation is seeking experienced professionals to grow its brand through franchising. The Koala Insulation business model has been built to attract individuals or teams with experience in sales, marketing and managing high-performing teams.

With franchisees currently operating in Houston, Pittsburgh and Atlanta, Koala Insulation plans to add 200 franchise licenses in the next 12 months. Caffa and Cesca’s location will be the fast-growing brand’s first location in Wisconsin.

For more information on Koala Insulation of Northern Milwaukee and its services, visit their website.

About Koala Insulation

Koala Insulation is an emerging franchise brand in the $52-billion insulation industry, providing insulation installation to residential and commercial properties. Koala Insulation, which specializes in the full-range of insulation options including spray foam, blown-in and blanket (batt) insulation, has differentiated its business model with a system that delivers efficiency and comfort to its clients.

Koala Insulation provides franchisees with best-in-class training at its state-of-the-art headquarters and segment-leading technology systems. Franchisees enjoy the benefits of a mobile concept in a fast-growing, recession-resistant industry. Now franchising, Koala Insulation is seeking qualified franchise candidates across the United States.

Wadhwani Foundation salutes the indomitable spirit of female entrepreneurs in the country

Nov 19, 2020 | Business

Wadhwani Foundation, a global not-for-profit championing the development of a vibrant entrepreneurial ecosystem in India and other emerging economies advocates the importance of fostering women entrepreneurship in India by adopting measures that will tap into the enormous untapped potential of new woman-led businesses.

 

Only a quarter of India’s workforce is female as against a global average of 49%, and it is clear that India’s growing entrepreneurial landscape has left behind a key demographic – women. It is the need of the hour to unlock the untapped potential of women entrepreneurs by providing them with a support system comprising of an integrated policy framework with equal focus on rural India, women entrepreneurship programs tailored to the unique constraints and skill requirements of women, more gender-responsive financial sector and a conscious integration of the formal and informal networks. This could spur economic and job growth of massive proportions.

Says Dr Ajay Kela, President and CEO, Wadhwani Foundation, “Of the 63 million MSMEs in India, only six percent are women-led, a criminal waste of talent. Growth driving, business-friendly skills such as relationship building, emotional intelligence, and multitasking are second nature to women. Leveraging these unique capabilities and the massive untapped capacity where only 25% of the Indian workforce is women could add $700 billion to India’s GDP by 2030.”

There is, therefore, a huge opportunity to empower women in India to choose entrepreneurship by creating networks that promote an ecosystem to motivate and support women entrepreneurs in taking the leap of faith by providing training in the nuances of entrepreneurship like the initial critical tenure of starting up, the importance of mentoring and optimal use of necessary resources to remain lean, and making technology accessible.

Simultaneously, it is equally important to celebrate the fearless breed of women entrepreneurs who have made it big as role models for inspiring women towards entrepreneurship and facilitating a major mindset shift. With women comprising just 14 percent of the total entrepreneurial base in India, this is India’s big chance to tap into the precious resource of women entrepreneurs so as to realize their true potential. Leveraging India’s vast talent pool of women and not allowing it to be frittered away, especially at a time when businesses are facing a severe talent crunch could be transformational for the Indian economy and job creation.