The Entrepreneurs Associates Thrift and Credit Corporative Federation Limited (EATACOL) is a Public-Private Partnership (PPP) promoted by the Entrepreneurships Associates in collaboration with the Corporative Department, Government of Nagaland. EATACOL has been mobilizing public participation through FBOs, women organizations, and farmer clubs for financial inclusion.
SME (Small and Medium Enterprise)
Fund of Hope
Entrepreneurs Associates (EA) launched the “Fund of Hope” officially on 11th February 2017 at its
head office in Kohima. The “Fund of Hope” is an initiative of EA to support Self Help Groups (SHGs)
in areas where there is little or no access to finance and banking. EA has been working with thousands
of farmers and SHGs in taking up economic activities for enhancing their livelihood options.
The revolving fund has been started with an initial capital of Rs 20 lakhs raised by EA with the support of well-wishers – Mr. Babu Joseph and Mr. Ramesh Kacholia. EA raised funds through direct door-to-door selling of avocados, pen drives, and solar lamps. The mandate is to raise a total of Rs. 50 lakhs in this financial year 2016-17, ending 31st March 2017. We hope to achieve this by availing the support of Mr. Babu Joseph and Mr. Ramesh Kacholia through additional contribution of Rs. 15 lakhs, and an additional fund raise of Rs. 15 lakhs by EA.
The first phase of fund was disbursed to Phom Baptist Church, Naginimora under Mon District, and 21 SHGs under SOWSORD, headquartered in Wazheho under Phek District. Access to formal credit is highly difficult in interior areas of Nagaland as there are no banks and connectivity is poor; it is this gap the fund seeks to bridge. The framework of “Fund of Hope” aspires to pioneer financial accessibility for other financial institutions to support the most needy and marginalized farmers and SHGs in Nagaland.