600 Startups Receive Rs 886 Million in Government-Backed Loans

Kathmandu: The government has provided more than Rs 880 million low-interest loans to 600 startup entrepreneurs. The Ministry of Industry, Commerce and Supplies issued a press release on Thursday stating that loans worth Rs 886.625 million had been distributed through the Rastriya Banijya Bank by mid-Ashar 2082.

The Industrial Enterprise Development Institute – IEDI, under the ministry, had invited project proposals for startup enterprise loans on Bhadra 11, 2081. A total of 2,158 proposals were submitted within the deadline. After the initial evaluation, 1,314 proposals were shortlisted.

According to Jitendra Basnet, Joint Secretary and Spokesperson for the ministry, only 1,073 applicants took part in business presentations. Based on the evaluation, 661 projects were selected and recommended to Rastriya Banijya Bank for loan distribution. Basnet said the bank has disbursed loans to 600 of those projects.

In a related update, 69,430 companies submitted their annual returns through the Company Administration Information System (CAMIS), launched by the Office of the Registrar of Companies. The ministry said the data was collected electronically from Paush 29, 2081 to mid-Ashar 2082, as required by the Companies Act, 2063.

The selected startups received loans ranging from Rs 500,000 to Rs 2.5 million. The loans are issued at a 3 percent interest rate for a five-year period. To qualify, the applying business must not be older than 10 years and must have an annual turnover of less than Rs 150 million. Only private firms, partnership firms, companies, or cooperatives are eligible.

 

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