Chief Minister's Micro Finance Initiative (CMMFI)

The Department of Finance, Government of Nagaland, runs the Chief Minister's Micro Finance Initiative (CMMFI). Its purpose is to widen the reach of credit for economic activity in the state. Individual farmers, entrepreneurs, Self-Help Groups (SHGs) and Farmer Producer Organizations (FPOs) are the groups it covers. By closing the financing gap these segments face, the scheme is intended to give new and established businesses in Nagaland the capital they need.

Credit under CMMFI is made cheaper and easier to obtain through a set of components. Banks extending loans to first-time borrowers can pass on an interest subvention or subsidy. Borrowers can also receive interest subvention over and above what central government schemes already provide, which lowers the cost of borrowing further. Micro and Small Enterprises are additionally offered collateral-free credit access. Loans both linked and not linked to subsidy are covered, so a range of financial needs and project types within the state can be served.

The objectives are several. Raising farmers' incomes by way of higher investment in agriculture, better quality inputs and the use of modern technology is one. Stimulating investment in the wider Agri & Allied sectors and in small enterprise development is another. The scheme also works to build credit discipline among beneficiaries, draw the banking sector into active participation in these economic segments, and strengthen the Agri-marketing network and infrastructure across Nagaland. Underlying all of this is the aim of encouraging private enterprise and giving aspiring entrepreneurs collateral-free credit access, so that economic prosperity and sustainable livelihoods grow throughout the state.

**Step 1: Complete the online registration** To apply, eligible candidates need to first sign up on the Credit Portal of Nagaland. Go to the portal's homepage, select the 'Register' option, choose the beneficiary category that applies to you — Individual, SHG, or FPO — provide your legal name, and set a secure password.

**Step 2: Access your account** Once registration is complete, sign in to the portal by entering either the email address or mobile number you registered with, together with your password.

**Step 3: Fill in the application form** Provide all details requested in the online application form. Make sure the information you enter — covering personal particulars, business information, and project specifics — is complete and correct.

**Step 4: Attach the required documents** Upload every supporting document mandated under the scheme guidelines. Depending on your case, these could include identity proof, address proof, project reports, land documents, bank statements, and, in the case of FPOs, audited financial statements.

**Step 5: Send in your application** Check the form and the documents you have uploaded to confirm nothing is missing or incorrect, then submit through the portal. After submission, the application moves to the scrutiny stage at the concerned bank branch.

Applications submitted online are first examined by the relevant bank branch, which carries out due diligence for beneficiaries across all categories. Where a capital-subsidy applicant seeks a loan above ₹10 lakhs, the bank may call on the Nodal Department (Finance Department) for technical inputs before finalising beneficiaries. This joint review serves to establish the bankability of projects and their fit with the scheme's objectives.