Guwahati: Rang De, India’s pioneering peer-to-peer social investing platform, has recently announced the launch of the Northeast Fund – a dedicated initiative designed to offer affordable credit solutions to farmers and rural entrepreneurs from India’s northeast.
This dedicated fund will provide low-cost, affordable credit to farmers and entrepreneurs, enabling them to enhance their livelihoods and better their incomes.
A RBI-registered NBFC P2P since September 2019, Rang De is a social lending platform that enables social investors to invest in farmers or rural entrepreneurs of their choice while earning a return on their investment. Social investors investing in the fund will receive up to 6% annually after a 6–24 month tenure. The fund has already raised over Rs 54 lakhs from over 1062 investors and is aiming to raise Rs 2 crores in the next 3 months.
Commenting on the launch, Smita Ram, Co-founder and CEO, Rang De said, “The northeast is a very underrated region of India where farmers and rural entrepreneurs need access to low-cost credit for various requirements like pre-harvest and post-harvest credit and credit for working capital for their enterprise. Through this fund, we are thrilled to provide social investors with a way to enable livelihoods in northeast India.”
The Northeast Fund aims to narrow the credit accessibility divide for farmers and entrepreneurs in India’s Northeast and enable successful enterprises. Rang De’s holistic approach aims to foster economic growth and entrepreneurship in the region and empower individuals across the region to contribute to the sustainable development of the state.
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The fund also aims to entrepreneurs support seeking to initiate new ventures or expand their existing businesses with low cost credit
Previously, Rang De disbursed over Rs 85 lakhs worth of credit to small and marginal farmers in Assam through the Xamahar initiative and has aimed to assist more than 10,000 potato farmers with access to credit over the next two years.
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