Mokokchung sees 76 new applications as CMMFI goes digital
The Chief Minister’s Micro Finance Initiative (CMMFI) has transitioned from a paper-based process to a fully digital system, streamlining the application process for beneficiaries.
According to the District Manager’s report, as of November 28, 2024, in Mokokchung district, a total of 121 applicants had received the ‘subsidy claimed received’ under the CMMFI scheme when the process was managed through hard copies.
The recent launch of Swavalamban Connect Kendras (SCK) as a ‘one-stop centre’ provides various services to support entrepreneurship, skill development, and economic empowerment. Applications are now submitted and monitored entirely online through the website www.credit.nagaland.gov.in platform facilitated by SCK.
Speaking about the updated process, Imsurenla Longkumer, Centre Manager of SCK Mokokchung, shared that since the launch of the online portal, Mokokchung District has received 76 applications under the CMMFI scheme.
“On Monday, January 27, we will finalize the list of applicants from these 76 applications,” Longkumer said. “We hope to approve at least 70 applications. Once selected, the banks will proceed with sanctioning the amounts.”
She also highlighted a special CMMFI drive that took place on December 20, 2024, during which 12 additional applications were received.
Loan uptake under the CMMFI in Mokokchung District remains significantly low compared to other districts. According to Longkumer, “In the entire Mokokchung district, only two Kia Motors have been claimed so far, reflecting limited awareness about the scheme.”
Efforts to improve awareness have been concentrated in urban wards. “We have conducted awareness programs in wards like Alempang, Dilong, Majakong, and Tongdentsüyong in Mokokchung town. However, we are yet to extend these programs to villages. Most of the applications we have received so far are from areas where these programs have been conducted,” Longkumer explained.
The SCK, funded by the Small Industries Development Bank of India (SIDBI) and implemented through the Investment and Development Authority of Nagaland (IDAN), serves as the primary facilitator for CMMFI loans. The SCK office in Mokokchung is located on the third floor of the DC Office Complex, Mokokchung.
“Once entrepreneurs come up with a business plan, they can visit our office. We help them prepare detailed project reports (DPRs) free of cost,” said Longkumer. She added, “We also assist in registering their businesses on platforms like Udyam and FSSAI, depending on their plans.”
The CMMFI offers opportunities across various sectors to encourage entrepreneurship in Nagaland, according to Longkumer.
“Most of the applications we have received so far are for piggery,” Longkumer shared. “However, there are many other sectors where entrepreneurs can explore opportunities. These include provision stores or general stores, automobile services, sporting activities, salons for hair and makeup, beekeeping, cutting and tailoring, bakeries, and more.” She emphasized that the overarching goal is to create a culture of entrepreneurship in Nagaland.
Under the scheme, loans of up to Rs 10 lakh are available to entrepreneurs, with projects monitored over a six-month period. “During these six months, the government even pays the interest on the loan,” Longkumer explained. The repayment period for the loan extends up to five years, giving entrepreneurs time to establish and grow their businesses.
Longkumer also expressed optimism about the future of the program. “We have just completed training sessions with various departments and banks, and we are hopeful that this will lead to smoother functioning from now on,” she stated.
The quantum of loan, subsidy and borrower’s margin for CMMFI are as follows: Beneficiary – Minimum 10%; Bank Finance – Maximum 60% and back ended subsidy from Government of Nagaland – Fixed at 30%.
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