According to recent news reports, the government has disbursed over NRs 170 million as concessional loans to 165 projects out of the 183 selected projects for the 2023/24 ‘Startup Enterprise Loan’ program.
You can find the list of recommended projects selected from across the country here.
While some entrepreneurs have received NRs 500,000 as the first installment; some have even received their second installment. Out of the remaining 18 projects, three are disqualified after being blacklisted while the remaining 15 projects are set to receive loans within this Shrawan month, reports Kantipur.
The selected projects will be availing loans ranging from NRs 500,000 to NRs 2.5 million at a 3% interest rate with their project as collateral. The maximum duration for the loan is five years, while the project must start repaying the principal and interest second year onwards. A total budget of NRs 250 million was allocated for the program in the previous fiscal year.
The Industrial Enterprise Development Institute, the implementing body of the program had earlier shortlisted 394 projects, out of which 335 presented their plans. It then finalized 183 projects.
The government had planned to offer startup loans for several years, but the program finally materialized last fiscal year.
This fiscal year 2024/25, former Finance Minister Barsha Man Pun announced a budget amounting to Rs. 1 billion for the Startup Fund, which will be disbursed after a new working procedure is prepared in line with the National Start-up Policy 2080. Additionally, plans are underway to establish a ‘Startup Board’.
