PRIME Meghalaya in collaboration with GAP Fund and Access held a Session on IFAD GAP Funding on November 26, 2024 at PRIME Startup Hub Shillong. Forty entrepreneurs participated in the session both in person and virtually.
Smt. Jacqueline A. Swer, Senior Manager, Incubation, gave a welcoming note to kick off the session. Shri. Aditya Sen, Program & State Head, PRIME Meghalaya, then gave an overview of the program.
Further, the Grant for Agroecology Program (GAP) Fund was introduced by Shri. Vivek Sinha, SVP, Access. This offers a unique opportunity to eligible entities, that is the Producer Groups and the MSEs, or Micro and Small Enterprises.
Additionally, Shri. Vivek gave a briefing on the two sorts of GAP Fund typologies, which are:
1. The Regular Fund, which is available for 10 target states, including Meghalaya, and ranges from Rs 20 lakhs to Rs 01 crore, is open all year round.
2. The Challenge Fund which is for applicants from all over India available exclusively on a quarterly basis and ranges from Rs. 1 crore to Rs. 2 crores.
To give us a better understanding, Sheena Kapoor conducted the Gap Fund selection process, explaining the application process followed by an Experience Sharing of the Grant from Meghalaya by Shri. Joash Vargese from the All-Garo Hills Multipurpose Cooperative Society. He presented on his problem statement since the majority of people are moving to arecanut plantations and explained how they were able to secure funding for a project aimed at cashew plantation and revival.
Participants also had the opportunity to ask questions about the Fund, which were addressed. After that, they were given the website link to access additional information and gain a more thorough understanding of the Fund.
Shri. Sayed Mufti Alam Rahmed led the last session that is the One-on-One conversation with the GAP Fund team and briefed on the application of the Concept note to wrap up the session, urging the entrepreneurs to seize the opportunity to obtain funding for their venture.
