Dimapur, November 6 (EMN): The Business Association of Nagas (BAN) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) with the aim of facilitating doing business and financing Micro-Small and Medium Enterprises (MSMEs) in Naga entrepreneurs in the state.
The MoU was signed during the farewell function of the national Innovate, Integrate Expand (NIIE) exhibition on November 5, hosted by BAN and supported by the Ministry of Micro, Small and Medium Enterprises (MSMEs).
“The NIIE show resulted in a very positive note with huge promises and a commitment to fund 1000 entrepreneurs through the iconic signing of a Memorandum of Understanding between SBI and BAN which will bring hope and huge respite to true state contractors,” an update from BAN said on Sunday.
In accordance with the MoU, BAN will facilitate the identification, preparation of MSMEs through project selection, documentation and submission to SBI; and finally, once the loan is approved, BAN will be responsible for providing training on accounting, GST filing, statutory compliances, etc.
He said BAN will also closely monitor, hold hands and actively intervene to prevent any loans from becoming irregular. A quarterly performance review of all grantees will take place between the SBI and the BAN, he said.
The MoU plans to finance 1,000 businesses over the next two years, “which will create huge employment opportunities while expecting to contribute Rs 3 billion to the GDP of our country”, we read in the press release.
Delivering his keynote address as the Chief Guest, Advisor, Industries and Trade and Employment, Skills Development and Entrepreneurship, Imnatiba Jamir said, “The fair will help create a new environment where young people will take a different approach to solving their problems. unemployment”. .
Highlighting some of the few factors that have held the Nagas back, he said that since Nagaland became a state, “the Nagas are completely dependent on the government”.
“That’s the reason the Nagas were always struggling and not keeping up with the rest of the country,” he said. He also expressed his gratitude to various organizations for acting as a pressure group to discourage corruption.
Furthermore, he expressed his joy to learn that BAN has visited every district in the state, spreading various MSME schemes and programs and establishing district chapters of BAN. This, he said, would create a business ecosystem in the state.
He also thanked SBI for taking a proactive step with signing a Memorandum of Understanding with BAN to provide loans to Naga entrepreneurs.
Previously, the program was chaired by Longleng District Officer, BAN, Lemjan B Phom; the welcome speech was delivered by BAN Advisor Zubeno Mozhui; AGM Regional Business Office, SBI, Dimapur, A Hangsing delivered a speech while a remembrance report was presented by the remembrance committee organizer, Dr. Lanusangla Tzudir while the vote of thanks was offered by the organizer from the living room, Benthungo Kithan.