North-East Entrepreneurs Development (NEED)

The Ministry of Development of the Northeastern Region has introduced the NEDFi Opportunity Scheme for Small Enterprises (NoSSE) for entrepreneurs. Under this, a scheme has been launched called Northeast Entrepreneurs Development (NEED).  

This scheme has been formulated to help first-generation entrepreneurs who are short of equity. It also supports new projects in Micro and Small Enterprises, expansion, and modernization of existing units. The technical qualification of the promoter in the relevant field is a prerequisite.  

Benefit:  

• To Give assistance to first-generation entrepreneurs who are short of equity   

•  A term loan is provided in the form of assistance by NEDFi   

• Project Cost: Maximum of INR 50 lakh   

• NEEDS assistance may be supplemented with a normal term loan up to a maximum of 75% of the project cost including one cycle of working capital in deserving cases   

• Interest rate: 8% Up-front Fee: 1% of the Term Loan portion of the assistance   

• Repayment period: Maximum up to 7 years  

Who can apply   

• First-generation entrepreneurs,  

• existing entrepreneurs, proprietary & partnership concerns,  

• Companies.  

The schemes were applied in the following states.   

• Sikkim  

• Arunachal Pradesh  

• Assam  

• Meghalaya  

• Nagaland  

• Manipur  

• Tripura  

• Mizoram 

How to apply  

• To Apply for this scheme, submit your application to the Chairman and Managing Director, NEDFi, G.S. Road, Dispur, Guwahati – 781006 in the prescribed format of NEDFi.