The Ministry of Social Justice and Empowerment has highlighted how access to affordable finance can help skilled individuals start their own businesses. The case of Shalaka Nagotkar from Thane, Maharashtra, illustrates the real-world impact of the NSFDC Term Loan Scheme in supporting aspiring entrepreneurs who lack the capital to begin.
The scheme and the support
Shalaka Nagotkar, a diploma holder in beauty and grooming services, received financial assistance of Rs. 3,75,000 under the NSFDC Term Loan Scheme. The loan was disbursed on 30 October 2024 through the Thane Branch of the Leather Industries Development Corporation of Maharashtra Limited (LIDCOM).
She used the funds to purchase equipment and materials needed to operate a professional beauty parlour. Rather than rent expensive commercial space, she set up the business from her home in Kalyan (West), keeping overhead costs manageable while building her enterprise.
Her outcome
Within months of starting operations, Nagotkar’s beauty parlour generates a monthly net income between Rs. 25,000 and Rs. 30,000. This income has enabled her to support her family and achieve financial independence, transforming her professional qualification into a stable livelihood.
What this means for you
If you have completed vocational training or hold a professional diploma but lack capital to start a business, the NSFDC Term Loan Scheme may provide the financing you need. The scheme accepts applications through designated branches and channels across states, making institutional credit accessible to entrepreneurs who might otherwise be unable to borrow from banks. The case demonstrates that even home-based operations can generate meaningful, consistent income when combined with proper skills and business sense. For aspiring entrepreneurs facing barriers like high commercial rent or limited personal savings, exploring such government-backed loan schemes can be a practical first step toward self-employment.