The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with the Business Association of Nagas (BAN) under the Programme for Capacity Building of Business Member Organizations (PROMO) Scheme. This collaboration aims to promote and develop the MSME ecosystem in Nagaland, with a focus on capacity building and improved access to credit for BAN members.
According to an update from BAN, the MoU was formally signed by L. Mongkum Jamir, President of BAN, and Bhanu Prakash Verma, General Manager of SIDBI’s Guwahati Region, in the presence of officials from both organizations. The event included a presentation on the objectives of the agreement and an overview of various financial and developmental assistance schemes offered by SIDBI.
SIDBI plays a pivotal role in strengthening the MSME sector by providing financial support, promoting green initiatives, facilitating capacity building, offering technical assistance, and engaging in policy advocacy to drive inclusive economic growth across India. Since its inception in 1990, SIDBI has been active in Nagaland, initially focusing on promotional and developmental activities such as skill training programs and the establishment of common facility centers to benefit cluster-specific entrepreneurs. However, in the past two years, SIDBI has expanded its role by offering direct financial assistance to MSMEs in Nagaland, alongside its existing promotional, developmental, and CSR initiatives.
Furthermore, SIDBI is actively working with the Government of Nagaland to fund various MSME-linked projects under the SIDBI Cluster Development Fund (SCDF), modeled after the NABARD Rural Infrastructure Development Fund (RIDF). This initiative aims to enhance infrastructure and industrial development, fostering sustainable growth for MSMEs in the region.
Through this MoU, SIDBI and BAN reaffirm their commitment to empowering entrepreneurs, facilitating access to credit, and promoting sustainable business development in Nagaland, the update stated.
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