Reaffirms its commitment to empowering women entrepreneurs by extending a credit line of over INR 200 Crore to support businesses helmed by women
In a steadfast commitment to empowering women entrepreneurs, CredAble is dedicating a substantial credit line of INR 200 Crore to support businesses led by women. This initiative aims to address the unique challenges faced by women in the entrepreneurial landscape, ultimately fostering economic growth and job creation.
This designated fund is designed to be inclusive, reaching women from diverse backgrounds across the country. As part of this allocation, CredAble will introduce a tailored cash flow-based lending model, providing a flexible and adaptive financing solution. By leveraging real-time cash flow data, this model empowers women entrepreneurs to secure funding more easily and effectively.
As of today, women in entrepreneurial roles have emerged as trailblazers, driving innovation and making significant strides across various challenging sectors globally. In the context of India, businesses helmed by women constitute more than 20% of the MSME industry, and projections suggest a remarkable 90% growth trajectory over the next five years. This growth potential holds the promise of creating 150-170 million jobs by the year 2030.
Despite these encouraging statistics, the Global Entrepreneurship Monitor (GEM) highlights that women’s participation in entrepreneurship, while soaring to 80% of the rate of men, is still hindered by persistent obstacles such as gender discrimination and limited access to financial resources.
Recognising the need to address these challenges head-on, CredAble is taking proactive steps by earmarking INR 200 Crore from its balance sheet to provide crucial support to enterprises led by women. The primary objective is to offer an easily accessible and transaction-based debt line, allowing female entrepreneurs across India to bridge the credit gap and unleash the full potential of their businesses.
Nirav Choksi, Co-founder and CEO of CredAble expressed the significance of this initiative, stating, “The strategic allocation of this fund not only catalyses innovation and job creation but also enhances credit access, empowering women to carve their own paths and redefine success on their terms.”
In addition to this financial commitment, CredAble has been actively working against underrepresentation in the startup and SME ecosystem. Nirav emphasized, “Furthermore, CredAble’s NBFC comprises 40% women, actively contributing to the realisation of the vision for funding women-led businesses. While our journey towards dismantling biases may still be ongoing, we are consistently making strides in creating a startup ecosystem free from gender discrimination. In our pursuit of funding women-led businesses, we are steadfast in our commitment to fostering inclusive opportunities for entrepreneurial success.”
This initiative not only serves as a catalyst for economic empowerment but also highlights CredAble’s dedication to creating a more equitable and inclusive entrepreneurial landscape. As the company continues its efforts to champion women in business, it remains resolute in its commitment to breaking down barriers and promoting diversity and inclusion in the startup and SME ecosystem.
