Updated January 1st, 2024 at 18:08 IST

NEDFC sanctioned Rs 766 cr in NE Region between Jan-Nov 2023

The credit schemes of the Corporation under the micro & small enterprises sector are extended at a concessional rate of interest.

Reported by: Business Desk
Representative | Image:Unsplash
Advertisement

North Eastern Development Finance Corporation Ltd sanctioned Rs 766.47 crores and disbursed Rs 547.11 crores for 5338 projects in the NE Region in diverse sectors education & training food processing, handlooms & handicrafts, healthcare, hotels & tourism, microfinance, between January -November 2023. 

“For the development of the Micro and Small Enterprises (MSE) sector, the Corporation has taken the 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 government release said. 

Advertisement

The credit schemes of the Corporation under the micro & small enterprises sector are extended at a concessional rate of interest. Besides, NEDFi undertakes initiatives/ activities towards the 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 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. 

Advertisement

During the period referred, 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,” the release said.

NEDFi in collaboration with the Ministry of Development of North Eastern Region (MDoNER) has set up the North East Venture Fund (NEVF), a dedicated venture capital fund, to encourage start-up ventures in the Region. The capital commitment to the fund is Rs 100 crore (MDoNER Rs 45 crore, NEDFi Rs 30 crore & SIDBI Rs 25 crore. 

Advertisement

“The fund generated a lot of enthusiasm among the start-ups from the region. As of 30 November 2023, a total of 67 projects were given investment commitments of Rs 98.18,” the release stated. 

Advertisement

Published January 1st, 2024 at 18:08 IST