Shillong, June 17: A Memorandum of Understanding was signed on Wednesday to improve credit access for unorganised micro-units, artisans and agri-processors across the state.
The agreement was signed between Meghalaya Rural Bank and the Global Association of MSMEs by MRB Chairman Ashish Yadav and GAMSME Founder Chairman Abhijit Sharma.
Backed by the 24-year legacy of the School of Livelihood and Rural Development, GAMSME will work with MRB to bring rural enterprises into the formal banking fold.
The partnership pairs MRB’s branch network with GAMSME’s grassroots outreach to bridge the gap between banks and small businesses that have long depended on informal, high-interest loans.
Under the arrangement, GAMSME will deploy its Digital Measurement, Reporting and Verification toolkit to assess enterprises at the field level.
The tool will help entrepreneurs organize finances, validate working capital cycles and check compliance before they apply for loans, cutting screening time and costs for the bank. The collaboration also includes financial literacy drives for self-help groups and family-run units.
The focus is on separating household and business finances, building verifiable credit histories and converting SHGs into registered micro and small enterprises to strengthen long-term resilience.
“MRB has consistently remained committed to extending credit access to the last mile across the State. With GAMSME, the Bank is poised to further accelerate and strengthen delivery of inclusive credit services,” Yadav said at the signing.
Sharma said the deal addresses the access gap faced by rural entrepreneurs.
“A weaver, a beekeeper, a small food processor, each one is a business waiting to happen, held back only by a system that could never quite see them. This partnership lets the bank see them, and helps them stand as the formal, bankable enterprises they already are,” he added.
