Chief Minister Dr Neiphiu Rio with others during the inauguration of Multi- Purpose Building at Nerhema village on September 6. (Morung Photo)
Our Correspondent
Kohima | September 7
Nagaland Chief Minister Dr Neiphiu Rio has stressed on the need to build strong relationships with the financial institutions in undertaking small and medium-sized businesses in the state.
The bank will help the entrepreneurs provided they are equipped with the requisite skills training, he added inaugurating Multi- Purpose Building at Nerhema during 2nd edition of Nerhema Organic Day-cum- Khuvie Nyi 2025 on September 6.
In this, he asked the entrepreneurs to take necessary trainings to seise the opportunity.
Dr Rio made a special mention to Chief Minister's Micro Finance Initiative (CMMFI)” scheme, which cover loans up to Rs 50 lakh.
The quantum of loan and subsidy under this scheme stands at: Beneficiary-10%, Bank Finance- 60% and Back-ended subsidy from Government of Nagaland at 30%.
The CMMFI launched by the Department of Finance, Government of Nagaland aims to promote access to credit for economic activities undertaken by individual farmers, entrepreneurs, Self-Help Groups (SHGs), and Farmer Producer Organizations (FPOs).
The scheme have components to provide for interest subvention or subsidy for credit extended by banks to new borrowers under the category of Self-Help Groups, Farmer Producer Organizations, and Individuals for identified activities, provide for additional interest subvention, over and above what is already provided in existing central government schemes, to make credit more attractive and affordable.
It also provides collateral-free credit access to Entrepreneurs for Micro and Small Enterprises.
The objectives of the scheme is to increase farmers' income by increasing investment in the sector, quality inputs, and technology, to promote investment in Agri & Allied and in the small enterprise sectors, to promote credit discipline and encourage the Banking Sector to support Agricultural and small enterprise sectors in the State, to improve the Agri-marketing network and infrastructure in the state, to promote private enterprise and to provide collateral-free credit access to aspiring entrepreneurs.
