Three start-ups from Nagaland receive loans worth Rs 30 lakh

June 23, 2023 34 Views No Comment

Morung Express News
Dimapur | June 23

Three start-ups from Nagaland and one from Assam each received a loan of Rs 10 lakh through the Startup India Seed Fund Scheme (SISFS) of the Central Government aimed at providing financial assistance to start-ups across the country.

A programme was held at Educentre School of Business (ESB), Dimapur where the cheques were handed to the three start-ups by Keneirenuo K Theunuo, Deputy Director of the Department of Industries and Commerce and Team Leader of Startup Nagaland on June 22.

Educentre is one among the five incubators selected by the State Government to provide training and help develop local business start-ups. It is also the first from the region to have qualified under the India Seed Fund Scheme to give these funds. The other four start-ups being YouthNet, Nagaland Tool Room & Training Centre (NTTC), National Institute of Electronics & Information Technology (NIELIT) and Nagabots.

Speaking with The Morung Express, Theunuo noted that the start-up ecosystem although at a nascent stage, has been gradually gaining momentum with the help of private firms and government schemes. In regard to securing loans and financial support, she viewed that credibility, trust and assurance were among the key factors needed by an entrepreneur or business. She mentioned, “In the past, there were instances when people were unable to pay back loans resulting in financial institutions being hesitant to give loans for a business venture.”

“So until we gain their trust by providing collateral in some form, banks will not provide loans easily to your business,” she said. Having to sit through paper-works and scrutiny were other processes that they needed to go through as well.

Each of the start-up must also be registered with the DPIIT. “It is not an easy procedure but once you’re done with all the certification, you can gain access to all the funds and schemes outside the state too,” she added.

Lezo Putsure, CEO of ESB meanwhile acknowledged the support given by the State Government to build the start-up ecosystem in Nagaland and help put it on the national start-up map. He further mentioned the support given by the Department of Industries and Commerce, especially its Advisor Hekani Jakhalu along with Commissioner and Secretary, Kekhrievor Kevichusa, Director A Temjen Jamir and Joint Director Lipongse Thongtsar.

“This seed fund is a very significant step which will definitely go a long way in propelling the growth of the business sector in the state,” he said. With ESB being one of the top performing incubators in the Northeast, he appreciated the effort put in by his team to obtain the seed funds.

The three start-ups were Bauaok Private Limited (Hingko Hills), a dairy product company delving in logistics and technology to produce and deliver milk; Zeliang Codetech, a software building company; and Metaa Jobs, a digital platform to connect employers and employees.

Beginning from 2021, the SISFS fund has been initiated to help start-ups in their journey from proof of concept and prototype development to product trials, market entry, and commercialization. According to its official website, an outlay of Rs 945 crore has been earmarked to help support an estimated 3,600 entrepreneurs through 300 incubators in the next 4 years.