The West Bengal Minorities' Development & Finance Corporation (WBMDFC) facilitates financial empowerment through its Term Loan Scheme for Minority Business in West Bengal. This scheme offers individuals from notified minority communities the opportunity to access term loans, with amounts reaching up to Rs. 5 lakh. The repayment is structured with a manageable interest rate of 6% - 8%, spread across 20 equal quarterly installments over a period of 5 years.
The loan amount is categorised based on business activities, with fresh applications eligible for amounts up to Rs. 5 lakh and those below Rs. 2 lakh. Applicants seeking refinance can apply if they have a clean repayment record from previous WBMDFC loans, demonstrating timely repayments and adherence to terms. The scheme aims to support entrepreneurial ventures, promote economic growth, and provide financial resources for individuals from minority communities in West Bengal.
Minority Women Empowerment Programme: The Minority Women Empowerment Programme, launched by the Department of Minority Affairs and Madrasah Education, Government of West Bengal, aims to provide soft loans to minority women. Each member can avail a loan of up to Rs. 40,000 for income-generating activities or businesses, such as small businesses, cottage industries, handicrafts, etc., at a favourable interest rate of 3%. Additionally, a subsidy of 50% of the loan amount, up to a maximum of Rs. 15,000, is provided to each beneficiary, enhancing the financial empowerment of minority women in the state.