kohima , Apr 2: The Business Association of Nagas (BAN) has signed a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to strengthen the Micro, Small, and Medium Enterprises (MSME) sector in Nagaland. The collaboration, established under SIDBI’s Programme for Capacity Building of Business Member Organizations (PROMO) Scheme, aims to enhance capacity building and improve access to credit for BAN members.

The agreement was signed by L. Mongkum Jamir, President of BAN, and Bhanu Prakash Verma, General Manager of SIDBI’s Guwahati Region, in the presence of officials from both organizations. A presentation was also held, outlining the objectives of the partnership and various financial and developmental schemes offered by SIDBI.

SIDBI has been actively supporting MSMEs through financial assistance, green initiatives, technical support, and policy advocacy. Since its establishment in Nagaland in 1990, the institution has focused on developmental activities such as skill training programs and setting up common facility centers for entrepreneurs. Over the past two years, SIDBI has expanded its role by offering direct financial assistance to MSMEs in the state, in addition to its existing initiatives.

Furthermore, SIDBI is working closely with the Government of Nagaland to finance MSME-related projects under the SIDBI Cluster Development Fund (SCDF), modeled after NABARD’s Rural Infrastructure Development Fund (RIDF). This initiative aims to enhance industrial infrastructure and promote sustainable growth in the MSME sector.

With this MoU, BAN and SIDBI reaffirm their commitment to empowering entrepreneurs, improving financial accessibility, and fostering sustainable business development in Nagaland.