Entrepreneurs Associates (EA) on Saturday launched “Fund of Hope” at its head office in Kohima.
A press release by data and communications, Imsusenla Imsong, stated that “Fund of Hope” is an initiative of EA to support Self Help Groups (SHGs) in areas where there is “little or no access to finance and banking”.
In the programme, CEO of EA, Neichüte Doulo, pointed out the importance of “Fund of Hope” as it is a “capital to leverage and alleviate poverty, economic deprivation, and human suffering”.
He specially thanked supporters, well-wishers and citizenry of Nagaland who contributed towards raising the capital fund by purchasing avocados, pen drives, and solar lamps.
The first phase of fund was disbursed to Phom Baptist Church, Naginimora under Mon District, and 21 SHGs under SOWSORD, headquartered in Wazheho under Phek District.
Access to formal credit is highly difficult in interior areas of Nagaland as there are no banks and connectivity is poor; it is this gap the fund seeks to bridge, the release stated.
It said the framework of “Fund of Hope” aspires to pioneer financial accessibility for other financial institutions to support the most needy and marginalized farmers and SHGs in Nagaland.
The release claimed that EA has been working with thousands of farmers and SHGs in taking up economic activities for enhancing their livelihood options. It said the revolving fund has been started with an initial capital of Rs 20 lakh raised by EA with the support of well-wishers and that EA raised funds through direct door-to-door selling.
The launching programme was graced by NBCC Youth Secretar Vikou Rhi, as the special guest while Pochury Baptist Church Kohima pastor, Mosa Tsang dedicated the fund.