The notice issued by the foundation states that entrepreneurs must submit project proposals within 21 days.
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The government has called for project proposals for startup enterprise loans. Entrepreneurs who want to take a startup enterprise loan must meet the qualifications as per Section 4 of the procedure.
The Industrial Business Development Foundation has published a notice inviting applications from eligible entrepreneurs interested in taking loans as per the Startup Enterprise Loan Operation Procedure, 2082 (including the first amendment).
The notice issued by the foundation states that entrepreneurs should submit a project proposal within 21 days. The project proposal can be prepared in the prescribed format and submitted physically to the foundation through online.
Loans will be provided in the following sectors: agriculture and livestock, forest products, tourism promotion and entertainment and hospitality, science, technology, information and communication, human health services, education and teaching and learning, automobiles, traditional technology, process improvement of production and service flow, household or daily living, food production and processing, easy and safe transportation and transit services, mining and mineral research and development.
The government has allocated a budget of Rs 730 million for disbursing startup loans for the current fiscal year. He also said that although 25 percent of the amount should be allocated for loan security (insurance) and loan security fund, 10 percent will be enough this year.
'Earlier, 25 percent was allocated. Since there has been no problem in disbursing loans for two years and interest has started coming in, 10 percent has been allocated,' he said.
The Foundation's Executive Director and Engineer Umesh Gupta said that the remaining amount will be disbursed after deducting 3 percent from the budget for administrative expenses.
In the fiscal year 2081/82, the government had allocated 1 billion rupees for startup loan disbursement. Up to 3 percent of the allocated budget was kept in the foundation's administrative expenses, 25 percent for loan security (insurance) and loan security fund.
The Foundation had called for project proposals for loan disbursement on Bhadra 11, 2081. At that time, 5,158 entrepreneurs registered their proposals by attending online and physically. Of these, 1,314 entrepreneurs were selected for project presentation on December 19.
Out of the selected entrepreneurs, 1,073 entrepreneurs presented their projects from the last week of December to the second week of Chait. Then, on April 21, 2019, the foundation made public the names of 661 entrepreneurs eligible for startup loans.
In the fiscal year 2081/82, startup loans worth Rs 886.625 crore were disbursed to 600 of the 661 entrepreneurs selected. The Industrial Business Development Foundation has stated that 61 entrepreneurs did not get loans as per the proposal, were blacklisted and could not submit documents during the on-site inspection by the National Commercial Bank.
The foundation has said that it has disbursed loans ranging from a minimum of Rs 5 lakh to a maximum of Rs 2.5 lakh to entrepreneurs. In the fiscal year 2080/81, the foundation had disbursed loans worth Rs 21 crore to 165 entrepreneurs. The foundation says that Rs 29 million has been returned so far from the loans disbursed in the two fiscal years.
