North Eastern Development Finance Corporation Ltd (NEDFi) has sanctioned Rs 95.34 crore for micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in Meghalaya during the period from January 1, 2023 to November 30, 2023. Of this, Rs 55.69 has been released and disbursed.
NEDFi plays an important role in facilitating setting up of new industrial and service sector projects in the North East region. The Corporation assisted around 5,338 projects, with total sanctions & disbursements of Rs 766.47 crore and Rs 547.11 crore respectively, in diverse sectors – education & training food processing, handlooms & handicrafts, healthcare, hotels & tourism, microfinance etc between January 1, 2023 to November 30, 2023.
For development of the Micro and Small Enterprises (MSE) sector, NEDFi has taken initiative to identify and nurture potential first generation local entrepreneurs and provide finance on easy terms to help them set up viable industrial projects.
The credit schemes of the Corporation under micro & small enterprises sector are extended at concessional rate of interest. Besides, NEDFi undertakes initiatives and activities towards promotion and development of MSME and microfinance sectors in the region.
To assist the grass-root small borrowers in unserved and underserved areas of the North East region – “NEDFi Micro Finance Scheme” for wholesale micro-credit to Micro Finance Institutions (MFIs) for on-lending to low-income individuals ; and “NEDFi Micro-Lending Scheme” to provide financial assistance directly to Micro Entrepreneurs, through Business Correspondents – were launched, for income generating activities in farm and non-farm sectors.
During the period between January 1, 2023 to November 30, 2023, the financial assistance of Rs 40.84 crore and Rs 1031.49 crore cumulatively was extended under the NMFS; while assistance of Rs 52.60 crore was extended to 4265 borrowers under the NMLS. These have enabled improved economic status for more than nine lakh beneficiaries, more than 90 per cent of whom are women.
NEDFi in collaboration with the Ministry of Development of North Eastern Region has set up the North East Venture Fund (NEVF), a dedicated venture capital fund, to encourage start-up ventures in the North East. The capital commitment to the fund is Rs 100 crore (MDoNER Rs 45.00 crore, NEDFi Rs 30.00 crore & SIDBI Rs 25.00 crore). The fund generated a lot of enthusiasm among the start-ups from the region. Till November 30, 2023, a total of 67 projects were given investment commitments of Rs 98.18 crore.
