KATHMANDU, Jan 6: The Industrial Enterprise Development Institute (IEDI) has issued a notice stating that it has selected 1,314 projects for startup enterprise loans in the first phase. The Institute released the list of these 1,314 selected projects on January 3.
Earlier, the Institute issued a notice on August 27, asking entrepreneurs to submit project proposals within 21 days.
Govt invites proposals for startup enterprise loans
Immediately after the notice, 5,250 entrepreneurs submitted project proposals for startup enterprise loans. The Institute stated that it selected 1,314 projects from this number for the first phase and forwarded them for evaluation in the second phase.
The selected entrepreneurs will be required to present their business proposals between January 12 and March 24. Executive director of the IEDI, Engineer Umesh Kumar Gupta, stated that the final list of entrepreneurs selected for startup enterprise loans will be published only after the presentations.
The guidelines specify that only businesses registered as industrial enterprises, which have been in operation for less than 10 years, have an annual turnover of less than Rs 150 million, and have not ceased or split their operations, will be eligible for startup loans. The guidelines also state that only private firms, partnership firms, companies, or cooperatives will be eligible for the loan.
Selected startups will receive loans ranging from a minimum of Rs 0.5 million to a maximum of Rs 2.5 million at an interest rate of three percent. The loan term will be of five years, and they must begin repaying the principal or interest one year after receiving the first installment.
