88.66 million startup loans to 600 entrepreneurs

In the on-site inspection, 61 entrepreneurs who did not have a business as per the proposal, were blacklisted and could not deliver the prescribed documents did not get loans.

श्रावण ४, २०८२

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88.66 million startup loans to 600 entrepreneurs

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For the current financial year, 661 entrepreneurs have been selected, so far 600 people have taken a startup loan of Rs 8866625000. According to the Industrial Business Development Foundation, 61 entrepreneurs did not get loans because they did not have businesses as proposed by the National Commercial Bank, were blacklisted and could not deliver documents.

The institution called for project proposals on August 11, 2081 for disbursement of loans. At that time, 5 thousand 158 entrepreneurs were present online and physically and registered their proposals. Among them, 1,314 entrepreneurs were selected for project presentation on December 19. Among the selected entrepreneurs, 1,073 entrepreneurs made project presentations from the last week of December to the second week of March. Then on 82 Baisakh 21, the foundation announced the names of 661 entrepreneurs eligible for startup loans.

In addition, on May 26, a notice was also issued on which entrepreneur should go to which branch of the National Commercial Bank. Business registration and renewal certificate, PAN/VAT registration certificate, entrepreneur's citizenship certificate, tax payment certificate for the financial year 2080/81, passport size photograph of the official person, seal of the business, copy of the contract if the project is operating on lease/rent, and a license to be obtained from other agencies according to the nature of the business should be taken to the designated bank branch. "The bank looked at the documents of entrepreneurs who were recommended for loans, on-site inspection and whether they were blacklisted or not," said Umesh Gupta, executive director and engineer of the foundation, "that's why 61 entrepreneurs did not get loans." According to the Ministry of Industry, Commerce and Supply, up to 3 percent of the allocated budget has been allocated to the administrative expenses of the establishment, 25 percent to the deposit and credit protection fund and the remaining amount to the entrepreneurs. 

Foundation has said that it distributes loans to entrepreneurs from a minimum of 5 lakhs to a maximum of 25 lakhs. In the financial year 2080/81, the foundation provided loans of 21 crore rupees to 165 entrepreneurs. 

According to the foundation, 23 million rupees have been returned from that. The government has allocated a budget of Rs 73 crore for the current financial year to provide start-up loans.

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