KATHMANDU, Dec 21: A total of 5,158 project proposals have been submitted for startup enterprise loans. The Industrial Business Development Institute (IEDI) under the Ministry of Industry, Commerce, and Supplies had called for proposals on August 27, 2024 to provide concessional loans to startup enterprises.
According to the IEDI, a total of 5,158 proposals have been submitted, both online and offline, for participation in the startup enterprise loan program.
According to the Ministry of Industry, Commerce, and Supplies, the Rastriya Banijya Bank (RBB) will provide startup enterprise loans of up to Rs 2.5 million at 3 percent interest for a period of 5 years, without requiring collateral, based on the nature of the project. When disbursing the loan, the approved business or project itself will be considered as collateral. A total of 5,158 proposals have been submitted for this purpose.
Govt invites proposals for startup enterprise loans
The government has allocated Rs 1 billion in the current fiscal year to encourage individuals with the latest knowledge, innovative thinking, skills, and capabilities to engage in startup enterprises. Under this program, a Startup Enterprise Loan Operating Procedure for 2081 BS has been approved, with loans being provided at an interest rate of 3 percent.
An agreement has been made with the RBB to operate this fund. Now, the approved applicants from the received proposals will be able to obtain loans at an interest rate of 3 percent.
The IEDI will prepare an initial list of projects that meet the criteria and invite them for a business plan presentation on a specific date and time. After the presentation, proposals scoring 50 or more points will be prioritized based on their scores, and loans will be disbursed accordingly, as stated by the IEDI.
Startup loans will be provided for sectors related to science, technology, information and communication, automobiles, traditional technology, process improvement in production and service delivery, and areas related to household or daily livelihood. This also includes sectors related to agriculture and livestock, forest products, tourism promotion, and entertainment.
