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Home Women Empowerment NITI Aayog partners with CreditEnable to enhance credit profiles of women entrepreneurs in India for improved access to credit

NITI Aayog partners with CreditEnable to enhance credit profiles of women entrepreneurs in India for improved access to credit

Women's Tabloid News Desk
Women's Tabloid News Desk

CreditEnable, a credit marketplace specializing in small and medium enterprises (SMEs), revealed its alliance with the Women Entrepreneurship Platform (WEP) supported by NITI Aayog. This partnership aims to support women entrepreneurs in enhancing their credit profiles and accessing improved business loan opportunities.

As part of the collaboration, CreditEnable will offer its Shine tool to women entrepreneurs through the Women Entrepreneurship Platform (WEP). This tool will assess the financial health of their businesses and provide digital coaching to enhance financial management skills.

The program aims to assist women entrepreneurs in accessing favorable financing terms by providing insights into their credit scores, banking activities, and GST (Goods and Services Tax) data. This helps enhance their eligibility for business loans.

According to CreditEnable, only 10 percent of SME loan applications in India are approved, highlighting significant challenges for women entrepreneurs in accessing formal financial assistance.

Nadia Sood, CEO & Founder of CreditEnable said, “By providing them with the tools and resources they need to understand and improve their credit health, and directly facilitating access to finance for them, we are opening doors to new opportunities for their businesses to thrive,”

CreditEnable partners with more than 40 prominent lenders across India, including public and private banks, small finance banks, and NBFCs, to facilitate SMEs’ access to credit.

Regarding the collaboration, Anna Roy, Principal Economic Advisor at NITI Aayog, highlighted that the Shine tool will empower women entrepreneurs with essential financial insights and creditworthiness, enabling them to strengthen their capabilities and competitiveness as business leaders.
Recently, NITI Aayog teamed up with credit bureau TransUnion CIBIL to introduce the Seher initiative aimed at improving women’s financial literacy and entrepreneurial skills.

According to TransUnion CIBIL, there has been a more than 3.9-fold increase in demand for business loans from women between FY2019 and FY2024, accompanied by a 10 percent rise in women borrowers. As of March 2024, women accounted for 38 percent of the 1.5 crore borrowers with active business loans.

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