The North East Development Finance Corporation (NEDFi) has sanctioned Rs 61.94 crore and disbursed Rs 76.82 crore for Meghalaya this year in diverse sectors – education and training in food processing, handlooms and handicrafts, healthcare, hotels and tourism, microfinance etc.
Altogether, NEDFi has assisted 2917 projects, with total sanctions and disbursements of Rs 1023.38 crore and Rs 682.82 crore respectively for the eight states of the North East including Meghalaya.
For development of the Micro and Small Enterprises (MSE) sector, the Corporation 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 NEDFi under micro and 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 (NMFS) for wholesale micro-credit to Micro Finance Institutions (MFIs) for on-lending to low-income individuals ; and NEDFi Micro-Lending Scheme (NMLS) to provide financial assistance directly to micro entrepreneurs, through Business Correspondents – were launched, for income generating activities in farm and non-farm sectors.
This year, the financial assistance of Rs.67.75 crore and Rs. 990 crore cumulatively was extended under the NMFS while assistance of Rs.22.69 crore was extended to 1727 borrowers under the NMLS.
Further, NEDFi in collaboration with the DONER Ministry has set up the North East Venture Fund (NEVF), a dedicated venture capital fund, to encourage start-up ventures in the North East region.
The capital commitment to the fund is Rs 100 crore (DONER Ministry Rs 45 crore, NEDFi Rs 30 crore, SIDBI Rs 25 crore).
The fund generated a lot of enthusiasm among the start-ups from the region. As of December 21 a total of 60 projects were given investment commitments of Rs 91.67 crore.