NEDFi to fund MSME start-ups in state
Source: Chronicle News Service
Imphal, September 13 2022:
North Eastern Development Finance Corporation Limited (NEDFi) is partnering with the government of Mani pur in setting up a Rs 30 crore venture capital fund for start ups in the MSME sector in the state, said NEDFi chairman and managing director PV SLN Murty.
Speaking at a felicitation function organised for him and NEDFi deputy general manager AK Dar by UNACCO Group at Hotel Classic Grande, here, on Tuesday, SLN Murty confided that NEDFi took huge risks in investing in different establishments and faced several challenges in its initial days.
But today, NEDFI has become a leading financial institution for northeast region after it invested in different companies including micro-finance companies, which in turn provide loan at nominal interest to the economically underprivileged people thereby helping in Improving the socio-economic condition of the northeast region.
NEDFi has been providing free trainings and financial assistance to several individuals and artisans, most of whom have become successful entrepreneurs today.
Assam and Manipur are the two leading states, which have been taking maximum benefits from NEDFi, he said, while assuring further assistance to promising and potential entrepreneurs of the state.
UNACCO Group managing director N Irabanta recounted that it began working with NEDFi from 2005-06 and till date NEDFi has provided several crores of rupees of assistance to the company, which enabled UNACCO Group to set up schools.
Now, the company is planning to set up a college and a residential school, he said.
NEDFi is different from other financial institutions and as such, entrepreneurs prefer NEDFi over other institutions.
NEDFi is a leading example of a good and considerate financial institution for northeast and it has been contributing to a huge extent in improving the economy of the northeast region.
While other financial institutions require the entrepreneurs to have some capital investment, NEDFi does not have such criteria and it helps in improving economy of the region, he added.