Dimapur, Nagaland – 1st April 2025. 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.
The MoU was formally signed by Shri L. Mongkum Jamir, President, BAN, and Shri Bhanu Prakash Verma, General Manager, Guwahati Region, SIDBI, 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. SIDBI has been present in Nagaland since its inception in 1990, initially focusing on promotional and developmental activities, including skill training programs and the establishment of common facility centres 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 seeks 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.
