NEDFi assists grass-root small borrowers in unserved and underserved areas of the NE Region through “NEDFi Micro Finance Scheme”
FinTech BizNews Service
Mumbai, January 1, 2024: North Eastern Development Finance Corporation Ltd (NEDFi) plays an important role in facilitating setting up of new industrial and service sector projects in the NE Region. The Corporation assisted around 5,338 projects, with total sanctions & disbursements of Rs766.47 crore and Rs547.11 crore respectively, in diverse sectors - education & training food processing, handlooms & handicrafts, healthcare, hotels & tourism, microfinance etc. between 1st January, 2023 - 30th November, 2023.
State-wise sanctions & disbursements during the period 01.01.2023 to 30.11.2023 (Rs in crore) | |||||||||
Particulars | Arunachal Pradesh | Assam | Manipur | Meghalaya | Mizoram | Nagaland | Sikkim | Tripura | Total |
Sanction | 14.37 | 500.05 | 46.75 | 95.34 | 43.65 | 24.88 | 19.52 | 21.92 | 766.47 |
Disbursement | 14.46 | 353.25 | 29.33 | 55.69 | 31.07 | 18.69 | 20.25 | 24.38 | 547.11 |
For development of the Micro and Small Enterprises (MSE) sector, the Corporation has taken 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 credit schemes of the Corporation under micro & small enterprises sector are extended at concessional rate of interest. Besides, NEDFi undertakes initiatives/ activities towards 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. During the period referred, the financial assistance of ?40.84 crore and ?1031.49 crore cumulatively was extended under the NMFS; while assistance of ?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% of whom are women.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 ?100 crore (MDoNER ?45.00 crore, NEDFi ?30.00 crore & SIDBI ?25.00 crore). The fund generated a lot of enthusiasm among the start-ups from the region. As on 30 November 2023, a total of 67 projects were given investment commitments of ?98.18 crore.
North Eastern Development Finance Corporation Ltd (NEDFi) is a Public Limited Company registered under the Companies Act 1956 on 9th August, 1995. NFDFi provides financial assistance to micro,small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region and also microfinance through MFI/NGOS. Besides financing the corporation offers Consultancy & Advisory services to the State Governments, Private Sectors and other Agencies.
