13 beneficiaries granted Mkg Entrepreneurs Consortium MFI micro-loan
Mokokchung, July 5 (MExN): Mokokchung Entrepreneurs Consortium conducted its tenth micro-loan distribution today at the MMC Conference Hall with ADC & Administrator, Bendanglila as chief guest where 13 local emerging entrepreneurs were extended loans under MEC Micro Finance Initiative, a venture supported by the government of Nagaland. A total sum of seventeen lakh rupees were distributed as micro-loan to the thirteen beneficiaries today, taking the overall number of MEC MFI beneficiaries to 134 as of date.
ADC & Administrator MMC, Bendanglila appreciated MEC for the initiative and observed that today’s event was more than just a mere customary loan distribution ceremony but a well organized orientation programme. She encouraged the beneficiaries to repay the loans on time and cited that the district administration has to often intervene when borrowers fail to repay loans to financial institutions. She added that banks don’t want to extent loans to the locals in Mokokchung because of bad recovery record which in turn is adversely affecting the local economy.
She also appreciated MEC for its successful recovery rate and hoped that MEC would become a full fledged financial institution in the future. To the local entrepreneurs, she suggested that one should live within one’s means, update one’s customer care service and work hard.
MEC Chairman Tsukti Longkumer while delivering his key note address said that MEC was established a few years back for the sole purpose of promoting local entrepreneurs and developing entrepreneurialism in Mokokchung. “While other business communities were supporting each other in all ways, there was no such fellowship among the locals. As such, local businesses struggled and not many locals were keen to start their business. To address this, MEC came into being,” he narrated. He also disclosed that MEC shares strong rapport with the India chapter of Christian Business Mentors Council (CBMC) and added that as Christians and being closely associated with the CBMC, MEC also offers ‘wise counsel’ to interested local entrepreneurs. ‘Wise counsel’ is a part of CBMC mission and MEC on its part adopted it as there were no business mentors or consultants in Mokokchung. Through the ‘wise counsel’ program, interested local entrepreneurs can share their business problems with MEC in the strictest confidence to find solutions to their problems. The ‘wise counsel’ program is based on Biblical teachings. He also added that apart from its micro-finance initiative and ‘wise counsel’ program, MEC also organizes seminars and conduct workshops on finance management and entrepreneurship regularly.
