Tide & NEHHDC ink MoU to digitise handloom & handicrafts industry
Recently, the UK’s top SME-focused business finance platform, Tide, and the North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC), inked an MoU to digitise and empower the North East’s handloom and handicrafts industry.
The CEO of Tide India, Gurjodhpal Singh, spoke to Business-Northeast about the company’s goal through the partnership, how it will support northeastern entrepreneurs and its areas of focus.
BNE: How is Tide India along with NEHHDC digitising and helping the entrepreneurs of the northeastern region?
CEO: We believe it is essential to mentor small businesses as they embark on their entrepreneurial journeys and encouraging them alone is no longer sufficient. In line with this, Tide will help in the financial and digital inclusion of weavers and artisans from the region and host mentor panels and masterclasses with in-house experts in leadership, marketing, capital investment, hiring and payroll, taxation, and legal, among others. We will also help the handicrafts and handloom community network and build capabilities through a series of annual national-level SME events. Simultaneously, we aim to support these businesses, which usually do not have a track record of financial stability or credit history, with alternative credit options. Digitisation will make it possible to access financial services more quickly, safely, and easily and also reduce time and money spent on manual banking procedures, and administrative tasks.
BNE: What is the focus area of this partnership?
CEO: At a national level, we support SMEs irrespective of their sector and industry, including kirana stores (mom-and-pop shops), beauty salons, digital influencers, agri-producers, bookstores, and chefs, among several others. Our partnership with NEHHDC will focus primarily on one of the key industries for the region, handicrafts and handloom.
BNE: When are you going to start the process here?
CEO: While we are already working in the North East, our members (SMEs) are present across all eight states. Moreover, with our flagship event Ekatritt that we hosted in Guwahati in April this year, helped us get closer to small businesses in the region. Our work with NEHHDC is shaping up so we can start very soon.
BNE: How are you going to reach out to the rural and remote area Entrepreneurs of the North East?
CEO: Keeping in mind the various challenges faced by SMEs with regards to admin tasks, expense management, access to credit, financial literacy, and unavailability of digital gadgets, Tide wants to reach out to almost every SME irrespective of their geographical presence whether they are located in Tiers 1, 2 or 3 or beyond.
Thus, in line with its commitment to empower the SME segment of the country and make them a part of the formal economy. Through our partnerships, we are committed to spreading awareness and education, which will eventually ease their business operation and help them save both time and money. Our feet-on-street model, with the help of our partners, will let us handhold and enhance last-mile product adoption.
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