Our Correspondent
Kohima | October 10
Entrepreneurs Associates coordinator (CEO) Neichüte Doulo today asserted that the state government has been very proactive and enthusiastic to develop entrepreneurship in Nagaland.
For too long, he said, Nagaland has been driven by salaried economy. The declaration of the Year of the Entrepreneurs on April 30 in 2010 at Mokokchung by Chief Minister Neiphiu Rio was an epoch making landmark.
“It created a new template shift from a salaried economy to an economy driven by the entrepreneurial spirit,” said Doulo in his keynote address at the one day long “Business Interface” between the first generation entrepreneurs, financial and bank institutions and policy makers here in the presence chief minister Neiphiu Rio, minister for health and family welfare Kuzholuzo (Azo) Nienu, minister for planning and coordination T.R. Zeliang, minister for power Doshehe Y. Sema, MLA Dr. Nicky Kire etc. He said EA, an organization diligently promoting entrepreneurship since 1998 by securing informal loans to those who had no access to formal credit and mentoring first generation entrepreneurs. Stating that entrepreneurs will change credit recovery, which has not been the most rosy one, he said “We will make Nagaland a destination for investment and credit. We are learning to understand more of the language of the banks. And we hope that we will become proud partners of the banks.”
Sharing some success story of EA, he said in 2003, one of it members applied for a loan of Rs. 50,000 to EA. Today, he has a CC loan account of Rs. 2 crores with a progressive bank, HDFC. In 2005, a young man who studied upto Class 5 took a loan of Rs. 20,000 to start a petty shop in Kohima. Today, he has taken a cumulative loan of about Rs. 40 lakhs from EA and has a TC truck, Tata mobile and 7 staff.
“Such stories are pervasive. In the last 14 years, we have given loan to over 7000 individuals both in Nagaland and Manipur. EA has taken bulk loans from banks and corporate houses since 2004 to the tune of Rs. 25 crores to on lend to members and successfully repaid back with interests. This gives us the confidence and faith that we are bankable.” The state government through the Chief Minister’s Corpus Fund has given a seed fund of Rs. 2.5 crores to EA to promote the growth of entrepreneurship in Nagaland. He acknowledged Chief Minister and government for their hands on support “which enabled us to support 190 entrepreneurs in the last 18 months.” Doulo thanked state government for making the “Business Interface” a reality through financial support and active involvement and also the banks for taking the extra mile to meet entrepreneurs.
Stating that its 2 door approach on credit outflow and branch opening has yielded appreciative results, he said “During these 2 years engagement, banks have been proactive enough to open up new branches in Dimapur, Kohima and in other district headquarters.” “As a business group, EA will continue to groom and encourage our members to grow with the banks by sharpening their skills of documentation, accounting and credit discipline,” Doulo said and hoped that banks will become more positive in their outlook towards business in Nagaland.
The entrepreneurs was also confident that the state government will go the extra mile to improvise the collateral system of land holding to match the banking standard while infusion recovery confidence among banks to do business in Nagaland. “I also hope that with the support of our state government, the financial institutes and entrepreneurs will find meaningful platforms to develop the economy of Nagaland,” Doulo added.
The inaugural function was chaired by Neingulie Nakhro, management team, EA. “Essence of banks in Nagaland’s Dev- Perspectives from different banks” was shared by Subhash Joinwal, AGM (SME) SBI, Local Head, NER, ASR Krishna, Circle Head, NE Circle, Axis Bank, Alok Sinha, AGM, Regional Head, Jorhat, UBI and Olee Bora, AGM, Micro Finance Head, NEDFi.
Dr. Aotoshi, chairman, CII Nagaland Council make concluding remarks.
The programme was followed by business session. Topics covered included “Business promotion in Nagaland: Experiences of banks,” experience as a first generation entrepreneurs, banks- from the lens of first generation entrepreneurs, opportunity horizons for banks to scale participation while Toshi Aier, additional chief secretary and finance commissioner talked on “Government’s commitment to unleash entrepreneurship in Nagaland.”
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