Support to non-farm enterprises and facilitating mechanisms for entrepreneurs to ensure sustainability
Support to Nonfarm enterprises is essential for generating employment opportunities in the rural areas and minimizing job migration. The enterprise development strategy is an important tool that can boost economic growth and prosperity. Megha-LAMP is promoting entrepreneurs, helping them adapt to the local demands of the current market state of affairs, and facilitating extension services so that skills and capacities are developed. The strengthening of these nonfarm-based livelihoods is bridging the gap in service delivery and ensuring that entrepreneurs are more market-oriented and run sustainable enterprises.
- Support under Enterprise Development is provisioned for 5000 non-farm enterprises at the Individual Level in all 18 Megha-LAMP Blocks
ENTERPRISE SUPPORT UNDER ISC&ED, 2020
On account of the Covid-induced lockdowns, the businesses in the state suffered major setbacks. To estimate the extent of the losses and to understand the impact of Covid-19 on local businesses and the entrepreneurial ecosystems, an extensive economic survey was conducted in May 2020, which witnessed participation from approximately 40,000 entrepreneurs.
Accordingly, ‘Enterprise Development’ will also include provision of relief and support mechanisms for two different categories of enterprises, as mentioned below:
a. Small loans to individuals without access to credit
b. One time grant for individual with access to credit (those with loan greater than INR 50,000 and up to 1 Lac)
FOOD AND AGRO-PROCESSING SECTOR
The Government of Meghalaya is keen on supporting entrepreneurs under the food processing sector like those in the turmeric, lakadong sectors etc. especially after Covid-19. Including the State’s resources, the project intends to facilitate financial assistance to these entrepreneurs. A bank will assist with designing specific instruments or loan packages that will cater to the needs of the entrepreneurs. A list of food and agro processing entrepreneurs is being compiled and the project has tied up with the North East Small Finance Bank for provision of soft loans.