The Union Minister, Finance and Corporate Affairs, Nirmala Sitharaman and Chief Minister of Nagaland Neiphiu Rio jointly launched the Chief Minister’s Micro Finance Initiative at Capital Cultural Hall, Kohima on 23rd August 2022.
To ensure availability of affordable credit for carrying out economic activities, the scheme under the nomenclature of Chief Minister’s Micro Finance Initiative has been approved by the Government of Nagaland.
The scheme aims to enhance farmers’ income by increasing investment in agri and allied sector, improve agri-marketing network and infrastructure, promote credit discipline and boost private enterprise.
The eligible beneficiaries for the scheme are farmers, entrepreneurs, Self Help Groups, Farmer Producer Organisations/Company and cooperative societies. The eligible schemes are construction of circular eco-hatchery, rejuvenation of animal husbandry through credit linkage, procurement of transport vehicle for agriculture products, integrated farming system, horticulture crop loan scheme and micro finance scheme for micro-enterprises.
Interested persons may apply to the District Level Implementation-cum-Monitoring Committee (DLIMC) headed by the Deputy Commissioner of the concerned District.
The funding pattern are as follows, beneficiaries’ contribution – 10%, bank loan – 60%, back ended subsidy by Government of Nagaland – 30%. In addition, the State Government shall also provide interest subvention of 4% toKCC loans and credit linkage to farmers, over and above the 3% provided by the Government of India on prompt repayment of dues by the borrower. Moratorium period upto maximum of 6 months. Repayment period upto maximum of 7 years and maximum ceiling admissible under this scheme will be Rs. 15 lakhs.