Sonali, a 24-year-old married woman from Koily, Bihar, dared to dream big. Despite being married right after completing her 12th grade, Sonali never gave up on her aspirations. She started a parlour with a passion for beauty and entrepreneurship, gaining recognition as a skilled beautician in her community.
The Business Expansion Challenge: A Need for Capital
As Sonali’s clientele grew, so did her ambitions. She ventured into a new business, opening a small grocery store alongside her parlour. However, after six months, she faced a crucial challenge — the need for capital to expand both businesses. The lack of funds became a constant hurdle, hindering her dream of offering a broader range of products and services.
Roadblocks on the Entrepreneurial Journey
Traditional financial institutions presented roadblocks for Sonali. With limited experience and no credit history, securing funds from banks proved to be a daunting task. The stringent collateral requirements and lengthy application processes posed significant challenges for this budding entrepreneur.
Sonali expressed, “I knew I had the skills, but the lack of funds made my dreams seem impossible.”
Discovering the Solution: Mahila Money’s Fintech Platform
Amid challenges, Sonali discovered Mahila Money, a fintech platform providing loans for women entrepreneurs. Unlike traditional banks, Mahila Money offers a hassle-free online application process without the need for collateral.
Sonali shares her experience, “Getting a loan from Mahila Money was easy, and the fact that I didn’t need collateral was a big relief. I could apply from the comfort of my own home.”
Empowering Dreams: The Impact of Mahila Money’s Support
With a 1 lakh loan from Mahila Money, Sonali transformed her businesses. She expanded her store, stocked up on essential items, and introduced new beauty products and services to her parlour. By paying her EMIs on time, she became eligible for a top-up loan of 33k, enabling her to renovate her parlour and create a more customer-friendly environment.
Sonali reflects, “Mahila Money gave me the financial freedom to take risks and make investments I couldn’t have otherwise.”
Realising Dreams: From 25k to 50k Monthly Income
Today, Sonali’s monthly income has doubled from 25k to 50k. Pursuing her education alongside managing two successful businesses, she embodies the spirit of determination and resilience. Mahila Money not only fueled her business growth but also contributed to her personal development.
Sonali asserts, “Mahila Money has empowered me to take on any challenge that comes my way.”
Sonali’s success story is a testament to the transformative impact of fintech platforms like Mahila Money. Her journey proves that anything is possible with determination and the right support.
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If you are a woman entrepreneur who wants to take your business to new heights and is in need of working capital and entrepreneurship resources, come speak to us on Mahila Money. For more such #JiyoApneDumPe live conversations, download the Mahila Money App on Play Store or visit us on www.mahila.money
