MUDRA will be responsible for refinancing all last-mile financiers such as non-bank finance companies, microfinance institutions, associations, trusts, division 8 firms [formerly Section 25], micro-finance banks, and regional rural banks that lend to small business entities / Micro operating in manufacturing, trade and service activities as well as allied agricultural activities. The Ministry of Rural Development will partner in development with financial intermediaries at the state / provincial level to provide financing to last-mile financiers of small / microenterprises.