National Schedule Tribes Finance and Development Corporation (NSTFDC) director, Johny G. Rengma expressed optimism that the decision of the corporation to grant 15% of the margin money as interest and collaterals free loans to those availing loans under “Stand-Up India” scheme will benefit the entrepreneurs.
Highlighting the Stand-Up Indian scheme to media persons at Hotel Lake Shilloi, here Friday, Rengma said that people in Nagaland were unaware of the schemes. He explained that under the scheme, both old and new businesses can avail loans ranging from Rs 10 lakh to Rs. 1 crore without collaterals from public sector banks and an additional loan of 15% of the margin money will be provided by NSTFDC to the entrepreneurs belonging to Scheduled Tribe.
The 15% loan towards the margin money will be transferred in the name of borrowers by state agencies directly. He, however, clarified that to get the loan, one has to make a profile as well as include Aadhaar, ST certificate, trade licence and a projection of activities for the next few years. In case of old business, the balance sheet of past two years was needed. Rengma, who is also the vice-chairman Tribal Indian Chamber of commerce and industry (TICCI), informed that NSTFDC extends loans to entrepreneurs belonging to scheduled tribes from Rs 1 lakh to Rs 50 lakh and all those who fall under the limit of annual income of Rs 3 lakh. According to him, transportation in the state was a major concern for the growth of entrepreneurship and therefore more emphasis will be given to those involved in this sector where NSTFDC will be conducting awareness programmes, seminars, and exhibitions.
NSTFDC, an apex organization under the Ministry of Tribal Affairs, was brought into existence in 2001 with the sole aim of economic upliftment of the Scheduled Tribes in the country by way of extending concessional financial assistance to the target group under its various schemes.