In a move to bolster entrepreneurship and MSME development in Nagaland, the Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with the Business Association of Nagas (BAN) under its PROMO Scheme — a programme for capacity building of Business Member Organisations.

The agreement, signed by L. Mongkum Jamir, President of BAN, and Bhanu Prakash Verma, General Manager, Guwahati Region, SIDBI, focuses on capacity building, improved access to credit, and holistic development of MSMEs in the state.

The event featured presentations on SIDBI’s developmental and financial support schemes, aimed at empowering local businesses. SIDBI has played a pivotal role in the state since 1990, offering skill development programmes, common facility centres, and in recent years, direct financial assistance to MSMEs.

SIDBI is also collaborating with the Government of Nagaland through its Cluster Development Fund (SCDF) to finance infrastructure and MSME-linked projects, mirroring the NABARD Rural Infrastructure Development Fund (RIDF) model.

The partnership reaffirms SIDBI and BAN’s shared commitment to nurturing local enterprises, enhancing entrepreneurial capacities, and promoting sustainable growth in Nagaland’s MSME landscape.