Chizokho Vero
Kohima | August 10
Entrepreneurs Associates (EA) has carved out a niche in Nagaland by launching micro-finance schemes for short-term loans at nominal rate of interest primarily to support deserving and potential first generation entrepreneurs.
Today, EA has generated more than 550 ‘meaningful employments’ in Nagaland.
In 1998, some of the core members of the EA ventured into micro-financing informally through “Reach Home Service.” It was an initiative where 49 regular college students and drop-outs were provided junk loans in taking up door to door delivery of essential goods and newspapers within Kohima.
“The successes and failures helped us to organize ourselves better. We formally launched EA in October 2000 with an initial corpus of Rs. 7000 and the commitment to change and develop Nagaland through entrepreneurship,” said EA co-ordinator Neichute Doulo.
He said that the passion to usher in paradigm shift in Nagaland from a life style of easy money to that of entrepreneurial spirit required some of them to resign from their regular jobs and intervene in 3 areas competently- provide micro-finance, basic business skills and market networks.
“As no banks were willing to bank with young Nagas, we went door-to-door borrowing money at 8 to 10 per cent per annum from citizens and well-wishers to create a sizeable pool fund. Some scoffed, others were skeptical while some cautiously encouraged. But we knew and believed in our convictions,” he said.
In the last 6 years, we have borrowed a cumulative loan of more than Rs. 4 crore from our members and citizens and repaid them with interest, he said adding “our corpus has grown to a little over Rs. 10 lakh. We provided on-lending micro finances of about Rs. 200 lakh through a tie up with 2 local business houses and Kohima SBI Bazar branch, to over 80 first generation entrepreneurs. Our recent tie-up with NEDFi has provided Rs. 105 lakh to 50 first generation entrepreneurs. We have also been instrumental in providing 2 projects for educated unemployed youths through CM Corpus scheme. Our recovery rate is nearly 100 per cent,” he said.
“Our micro finance model is a class apart from other micro financing models as it is designed with the unique Naga social dynamics where our members and citizenry are our social auditors and business people mentor aspiring entrepreneurs,” the Coordinator said. Doulo also encouraged the ICICI Bank and NEDFi to seriously take EA on board on its mission of developing entrepreneurs in Nagaland.
It also requested the state government to “take us on board in developing Nagaland. Together, we must develop Nagaland not just for ourselves but for our neighbors and India.”
Within a short period, EA have proved to the corporate, banking institutes, the state government and the Naga people that “we can grow, develop and generate wealth without a single subsidy and grant.”
“We have nurtured and launched over 400 successful first generation entrepreneurs generating more than 550 meaningful employments in Nagaland,” Doulo said adding that achievements were no big deal in comparison to where the world stands today. But it makes us realize that we are credible, bankable and capable.
Mostly, EA offers the package to the school-drop out and educated unemployed youth, Doulo said. The projects taken by the entrepreneurs includes, taxi services, printing press, carpentry unit, hotel, grocery shop, salon, hostels internet café etc. etc.
On being asked about the future prospect of EA, Doulo said “EA can become development bank and not just an NGO. EA should transform Nagaland and may become instrumental in enabling Nagas to pay tax beginning with income and property tax for transparent, accountable and responsible governance,” he said.
His message: “If we believe in ourselves and have faith in God and willing to give our best there is no reason why you cannot success in business.”
Morung Express News
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