Business Association of Nagas, SBI sign MoU to finance MSMEs

Dimapur, Nov. 6 (EMN): The Business Association of Nagas (BAN) has signed a memorandum of understanding (MoU) with State Bank of India (SBI) in an effort to facilitate the ease of doing business and finance Micro Small and Medium Enterprises (MSME) of Naga entrepreneurs in the state.

The MoU was signed in the valedictory function of the National Innovate, Integrate Expand (NIIE) trade fair on Nov. 5, organised by BAN and supported by the ministry of Micro Small and Medium Enterprises (MSME).

“The NIIE trade fair culminated in a very positive note with huge promise and commitment to finance 1000 entrepreneurs by the iconic signing of MOU between SBI and BAN, which will bring hope and huge respite to the genuine entrepreneurs of the state,” an update from BAN stated on Sunday.

As per the MoU, BAN will facilitate identification, preparation of MSME through project screening, documentation and submission to SBI; and finally once the loan is sanctioned, BAN will be responsible for providing training on bookkeeping, GST filing, statutory compliances etc.

It stated that BAN will also closely monitor, handhold and actively intervene to avoid any loan becoming irregular. Quarterly performance review of all beneficiaries will be held between SBI and BAN, it said.

The MoU envisages to finance 1000 enterprises in the next two years, ‘which will create huge employment opportunities while expecting to contribute to the tune of 3 billion rupees to our nation’s GDP’, read the statement.

Delivering his speech as the chief guest, Advisor, Industries and  Commerce and Employment, Skill Development and  Entrepreneurship, Imnatiba Jamir, stated that the ‘trade fair will help create a new environment where young people will make a different approach to address their unemployment issues’.

Pointing out some of the few factors that have held Nagas back, he stated that ever since Nagaland attained statehood,’ Nagas have been depending everything on the government’.

“This is the reason why the Nagas were still struggling and not going along with the rest of the country,” he stated.  He also expressed gratitude to various organisations for acting as a pressure group for discouraging corruption.

Further, he expressed happiness to learn that the BAN has been visiting every district in the state, disseminating various schemes and programmes of MSME and creating district chapters of BAN. This, he said, would create a business ecosystem in the state.

He also thanked SBI for taking a proactive measure with the signing of MoU with BAN to provide loans to Naga entrepreneurs.

Earlier, the programme was chaired by Longleng district convenor, BAN, Lemjan B Phom; welcome address was delivered by BAN advisor, Zubeno Mozhui; AGM Regional Business Office, SBI, Dimapur, A Hangsing delivered a speech while souvenir report was delivered by convenor, souvenir committee, Dr. Lanusangla Tzudir, while the vote of thanks was proposed by trade fair convenor, Benthungo Kithan.