Meghalaya CM inaugurates 'CM Elevate programme' in Shillong
Conrad K. Sangma officially inaugurated the much-anticipated CM Elevate programme in Shillong.
The programme is a comprehensive solution tailored to the diverse business needs of Meghalaya's citizens.
This transformative initiative sets the stage for empowerment, entrepreneurship, and economic development in the state, promising a brighter future for Meghalaya's youth.
Launching the programme, Sangma aimed at engaging, employing, and empowering the youth of Meghalaya through entrepreneurship, which he believed serves as a holistic solution for fulfilling the business needs.
He said, “We aim to create entrepreneurship opportunities for over 20,000 individuals across various sectors over the next three years. This initiative comes with a substantial investment of approximately 300 crores.”
Speaking about the partnerships that the Government has established with both public and private sector banks to facilitate easy access to credit for the aspiring entrepreneurs, the Chief Minister stated that financial support ranging from 35 to 75 percent of the project cost to mitigate credit risks can be offered.
He said, “To minimize risks and barriers, we extend upfront financial aid to entrepreneurs and have collaborated with banks for financing.
The program offers term loans covering up to 95% of the project cost, with varying loan terms (ranging from 5 to 15 years) and moratorium periods (between 3 to 18 months), coupled with variable interest rates across different schemes. We have created three lakh jobs in the private sector in the last five years, and I am sure the number will increase in the coming years.
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