Shillong, June 18: The Global Association of MSMEs (GAMSME) and the Meghalaya Rural Bank (MRB) formalized a partnership on Wednesday through a Memorandum of Understanding designed to strengthen rural entrepreneurship and financial inclusion. Officials stated that the agreement will support self-help groups, artisans, and agricultural processors in transitioning into bankable enterprises.

The collaboration seeks to establish a structured framework for expanding access to formal credit among unorganised micro-units and family-run businesses across Meghalaya. By integrating MRB’s extensive banking network with GAMSME’s grassroots outreach, the initiative aims to reduce dependence on informal lending channels and high-interest borrowing.

According to representatives, the MoU is expected to provide rural entrepreneurs with easier access to institutional finance, thereby fostering sustainable growth and enabling small enterprises to participate more effectively in the formal economy.