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Guwahati: Rang De, a trailblazing platform in India for peer-to-peer social investment, has proudly introduced the Northeast Fund, a specialized scheme tailored to provide economical credit options to the hardworking farmers and budding entrepreneurs of India's northeastern regions.
This fund is focused on offering cost-effective financial loans to the agriculturalists and business innovators, helping them to expand their activities and increase their earnings.
Since September 2019, Rang De has been recognized as an NBFC P2P by the RBI, operating as a community-centric lending platform that connects socially conscious investors with farmers or rural businesspersons, offering them a chance to contribute to someone's growth while also earning monetary returns. Those who invest in the Northeast Fund can look forward to gaining up to a 6% return annually after committing their funds for a period ranging from 6 to 24 months. The initiative has garnered a remarkable response, collecting over Rs 54 lakhs from upwards of 1062 investors, and is now on a mission to secure Rs 2 crores within the coming three months.
Smita Ram, the Co-founder and CEO of Rang De, shared her excitement about the fund, "The Northeast is an often overlooked part of India where there's a significant need for cost-effective financial support, especially for those in the agriculture and small business sectors. We're excited to offer our social investors a channel to facilitate better living standards in the Northeast."
The goal of the Northeast Fund is to bridge the gap in financial access for the industrious individuals in the Northeast, supporting them to build and sustain successful businesses. Rang De's comprehensive strategy is not just about lending money; it's about nurturing economic progress and entrepreneurship, thereby empowering the people of the region to play a role in the state's long-term prosperity.
The fund is also designed to back entrepreneurs who are eager to kick-start new enterprises or scale up their current ventures through accessible and affordable credit.
In its previous ventures, Rang De has successfully allocated over Rs 85 lakhs in credit to small-scale farmers in Assam through the Xamahar project. With sights set high, the platform is determined to assist over 10,000 potato farmers with credit services in the next two years, aiming for a wider impact on the agricultural community.
