Name of the Scheme – Chief Minister’s Micro Finance Initiative
Department – Department of Finance
To encourage credit for carrying out economic activities, an omnibus scheme under the nomenclature ‘CM’s Micro Finance Initiative’ is being launched by the Government of Nagaland.
Under this Scheme, subsidy and interest subvention against identified activities in the agriculture & allied sector including processing units, MSME etc. will be provided to eligible beneficiaries.
Eligible Beneficiaries
- Farmers
- Entrepreneurs
- Unemployed Youths
- Self Help Groups
- Farmers’ Producers Organisations
- Co-operative Societies
To increase farmer’s income, encourage self-employment and entrepreneurship development, inculcate a sense of credit discipline, boost private enterprise and improve the agri marketing network and infrastructure in our State.
Construction of Circular Eco-hatchery, Rejuvenation of Animal Husbandry (dairy, piggery, goat, poultry, duckery), Integrated Farming System, Zero Energy Cold Storage, Solar Cold Storage, Procurement of Transport Vehicle for agriculture products (Refrigerated and Non-Refrigerated), Post-Harvest processing Units, Value Addition units for Multi Horticulture product, Micro Finance Scheme for Micro-enterprises (Hostel, Vocational Training Institute, Logistics & Mobile Food Services, Gym/Fitness Centre, Home Stays).
Farmers, Entrepreneurs, unemployed youths, Self Help Groups, Farmers’ Producers Organisations and Co-operative Societies.
How & Where to Apply
Interested persons may apply to the District Level Implementation cum Monitoring Committee (DLIMC) headed by the Deputy Commissioner of the concerned District.
Applications received will be scrutinized and shortlisted by a Screening Committee, comprising of the subject matter specialists, from the various line departments including banks.
Necessary technical support and guidance will be provided by the Department of Agriculture, Horticulture, Veterinary and Animal Husbandry, Fisheries, Industries & Commerce and Nagaland State Rural Livelihood Mission
| Sl No. | Particulars | Project Cost |
| 1 | Beneficiary Contribution | 10% |
| 2 | Bank Loan | 60% |
| 3 | Back ended Subsidy by the Government of Nagaland | 30% |
The State Government will provide Interest subvention of 4% to KCC loans and credit linkage to farmers, over and above the 3% provided by the Government of India on prompt repayment of dues by the borrower
Moratorium period upto maximum of 6 months
Repayment period upto maximum of 7 years.
Maximum ceiling admissible under this scheme will be ₹ 15.00 Lakhs
The Union Minister, of Finance and Corporate Affairs, Nirmala Sitharaman and the Chief Minister of Nagaland Neiphiu Rio jointly launched the Chief Minister’s Micro Finance Initiative at Capital Cultural Hall, Kohima on 23rd August 2022.
The scheme aims to enhance farmers’ income by increasing investment in agriculture and allied sector, improving agri-marketing networks and infrastructure, promoting credit discipline and boosting private enterprise. The Chief Minister’s Micro-finance Initiative will help hardworking farmers and young entrepreneurs get credit. Individuals, Self Help Groups, and Farmer Producer Organizations will benefit from the initiative, which aims to make credit more inexpensive and accessible. To that end, he stated that the government will grant either a subsidy or an interest subsidy to specified activities in agriculture and associated sectors, such as processing units, handicrafts, and small-scale manufacturing.
Additional interest subvention would be offered in addition to what is already available under existing Central Government schemes. The programme will assist farmers in increasing their revenues, promoting credit discipline, encouraging private entrepreneurship, and improving our state’s agri-marketing network and infrastructure.
Beneficiaries will be chosen by District Level Selection Committees, with Village Councils acting as guarantors when necessary. The scheme’s precise framework will be announced separately.
The eligible beneficiaries for the scheme are farmers, entrepreneurs, Self Help Groups, Farmer Producer Organisations/companies and cooperative societies. The eligible schemes are the construction of circular eco-hatchery, rejuvenation of animal husbandry through credit linkage, procurement of transport vehicles for agriculture products, integrated farming system, horticulture crop loan scheme and microfinance scheme for micro-enterprises.
- Individual Farmers who are keen to invest in agri-allied and other activities for a better livelihood would be assisted as per the norms of the Scheme.
- Self-Help Groups: SHGs have been a key element of credit extension to the poor and small entrepreneurs. They undertake activities in a group mode which benefits the community as well as provides meaningful livelihood opportunities to the members. SHGs have been supported under various programs being implemented in the State. The Government of Nagaland endeavours to further sup
What is the main motive of this scheme?
To promote investment in Agri & Allied, and in the small enterprise sectors
What are the other benefit from this scheme?
It promotes credit discipline and encourages the Banking Sector to support Agricultural and small enterprise sectors in the State.
How does this scheme benefit in the state?
It improves the agri-marketing network and infrastructure in the State.
Who can apply for this scheme?
Farmers, Entrepreneurs, unemployed youths, Self Help Groups, Farmers’ Producers Organisations and Co-operative Societies.
Who are the eligible Schemes?
Construction of Circular Eco-hatchery, Rejuvenation of Animal Husbandry (dairy, piggery, goat, poultry, duckery), Integrated Farming System, Zero Energy Cold Storage, Solar Cold Storage, Procurement of Transport Vehicle for agricultural products (Refrigerated and Non-Refrigerated), Post-Harvest Processing Units, Value Addition units for Multi Horticulture product, Micro Finance Scheme for Micro-enterprises (Hostel, Vocational Training Institute, Logistics & Mobile Food Services, Gym/Fitness Centre, Home Stays).
Who are the Farmer eligible for this scheme?
Individual Farmers should not be defaulters to any bank.
What is the process to apply for this scheme?
Interested persons may apply to the District Level Implementation cum Monitoring Committee (DLIMC) headed by the Deputy Commissioner of the concerned District.
How is the process of this application proceed? Applications received will be scrutinized and shortlisted by a Screening Committee, comprising subject matter specialists, from the various line departments including banks.
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