By being located on the complex social-economic landscape of Jharkhand, this study explores how Self-Help Groups (SHGs) and formal Microfinance Institutions (MFIs) collaborate and/or individually contribute to the entrepreneurial growth of women. Leaving behind a reductive credit access story, the paper examines how such processes create social, human and financial capitals that drive business start-ups and expansion. We cut secondary survey data with a quantitative and cross-sectional structure, mainly the National Sample Survey (NSS) 73rd Round (2015-16) secondary data on unincorporated non-agricultural enterprises, and reports by NABARD and the Ministry of Rural Development. By using multiple regression and t -test comparisons, we visualize the correlations between institutional engagement modes; SHG only, MFI only, and combined participation and entrepreneurial performance in terms of profitability, asset accumulation and job creation. Findings indicate that there is a noticeable order in that women associated with either SHGs or MFIs do better than those with one institution in most indicators. SHG participants are characterized by an increased level of social capital and early stability, and MFI clients borrow bigger sums, but with a higher dispersion of their sustainability. Importantly, the data highlights SHGs as pre-conditions, which develop financial literacy and confidence as a community that enable women to utilize formal MFI products to the full extent. This article provides a subtle evidence-based perspective of the stratified financial environment of the tribal and rural constituencies of Jharkhand and argues in favor of the gradual and coordinated development. The wisdoms provided in this paper can be of great use to policy makers and practitioners working towards establishing gradualized channels through which women can be empowered economically.