Rang De launches fund for credit to potato farmers of Northeast

Guwahati: Social investment firm Rang De said it has launched a dedicated fund to support potato farmers of the Northeast by offering affordable credit solutions.

The firm has launched the 'Northeast Fund', which will offer affordable credit solutions to farmers and rural entrepreneurs from the region, Rang De said in a statement on Tuesday.

"This dedicated fund will provide low-cost, affordable credit to farmers and entrepreneurs, enabling them to enhance their livelihoods and better their incomes," it added.

Investors putting money in the fund will receive up to six per cent return annually after a 6-24 month tenure, it added.

The fund has already raised over Rs 54 lakh from 1,062 investors and is aiming to raise Rs 2 crore over the next three months, the statement said.

Commenting on the launch, Rang De Co-founder and CEO Smita Ram 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 and post-harvest credit and credit for working capital for their enterprise."

Through this fund, Rang De will provide social investors with a way to enable livelihoods in Northeast India, she added.

The 'Northeast Fund' aims to narrow the credit accessibility divide for farmers and entrepreneurs in the region and enable successful enterprises, Ram said.

"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," she added.

Earlier, the firm disbursed over Rs 85 lakh worth of credit to small and marginal farmers in Assam and has aimed to assist more than 10,000 potato farmers with access to credit over the next two years, Ram said.