Bharatiya Mahila Bank inks pact with Lakme Salons to fund franchisees

MUMBAI: Bharatiya Mahila Bank today inked an agreement with HUL arm Lakme Salons to bring easy financing options to fuel women entrepreneurship.
Bharatiya Mahila Bank Chairman and Managing Director Usha Ananthasubramanian said this is the third such tie-up with companies after similar agreements with Chennai-based Kavin Care and Naturals, under which it has already funded 30 salons.

This partnership would help encourage more women to become Lakme Salon's business partners. Women have a natural inclination towards beauty and they naturally excel in such sectors. The bank understands that most of the women do not own property and this should not become an obstacle for them to start their own enterprise and become financially independent, Ananthasubramanian said explaining the rationale for the tie-up.

She further said that typically the bank funds up to 70 per cent of the project, which is covered under the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises).

She said Mahila Bank has opened the 40th branch today and will close the fiscal with 40 more.

The loan book of the bank currently stands at Rs 400 crore and has plans to close the fiscal with Rs 800 crore and deposit books to Rs 1,000 crore from the present Rs 600 crore.