North East Venture Fund (NEVF) gains popularity

North East Venture Fund (NEVF) gains popularity

Part of: GS Prelims and GS-III – Economy

In news 

• The North East Venture Fund (NEVF) is gaining popularity among Start-Ups and young entrepreneurs.

Important value additions 

• The Ministry of Development of North Eastern Region (DoNER) had joined with North Eastern Development Finance Corporation Ltd (NEDFi) to set up the North East Venture Fund.
• It the first and the only Venture Fund for Northeast with an initial corpus of Rs. 100 crores.
• The fund targets to invest in Start-Ups and unique business opportunities to provide resources for new entrepreneurships.
• The main focus of NEVF is for mostly the enterprises involved in Food Processing, Healthcare, Tourism, segregation of services, IT, etc.
• The investment size with the Venture Fund Scheme ranges between Rs.25 lakhs and Rs. 10 crores with a long term horizon of five to ten years.