571 entrepreneurs have proposed projects for startup enterprise loans. The Industrial Business Development Foundation had called for project proposals for startup enterprise loans on 19 Kartik.

Umesh Gupta, Executive Director and Engineer of the foundation, said that 19 entrepreneurs have registered their project proposals at the foundation. “Nineteen entrepreneurs have registered their proposals physically,” he said, “and 552 people have registered their proposals online.” 

Entrepreneurs have to submit their project proposals within 21 days, according to the notice issued by the foundation. The project proposal can be prepared in the prescribed format and submitted online or by visiting the foundation. Entrepreneurs who are registered as private firms, partnership firms, companies or cooperatives with the relevant industry registration bodies, have high growth potential through transformation into an enterprise business by using innovative and creative thinking and technology in the production of goods or services, have adopted technology

, have not exceeded 10 years since the enterprise business was registered, have not exceeded Rs 150 million in any financial year after registration, and have started a new enterprise business without merging or splitting an existing enterprise business will be eligible for startup loans. 

Loans will be provided in sectors related to 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.

Gupta said that two employees have been deployed at the foundation to resolve the complaints of entrepreneurs regarding the project proposal. “Many people have questions and complaints about loans. Therefore, we have appointed two employees to clarify those issues. Those employees are answering the questions of entrepreneurs over the phone,” he said.

This is the third time that the foundation is providing startup enterprise loans. As advertisements are coming on social media stating that a form will be filled out for this and that some fees will be charged, Gupta also urged entrepreneurs to fill out the form online themselves. ‘I see advertisements on social media saying that they will fill out forms for startup loans,’ he said. ‘It is easier for entrepreneurs to fill out forms online as they are more knowledgeable about their enterprise. The foundation facilitates when they encounter difficulties.’

The government has allocated a budget of 730 million rupees for disbursing startup loans for the current fiscal year. Of that, 25 percent should be set aside for loan security (insurance) and the loan protection fund, but this year it will be enough to set aside 10 percent, he said. ‘Earlier, 25 percent was allocated to the loan protection fund. Since there have been no problems in disbursing loans in the past two years and interest has started coming in, 10 percent has been set aside this year,’ he said. The foundation has stated that the remaining amount will be disbursed after deducting 3 percent for administrative expenses from the budget. The foundation will disburse loans to entrepreneurs from a minimum of 500,000 to a maximum of 250,000 rupees.

The foundation had called for project proposals for disbursing loans on 11 Bhadra 2081. At that time, 5,158 entrepreneurs registered their proposals online and physically. Of these, 1,314 entrepreneurs were selected for project presentation on December 19. Of the selected entrepreneurs, 1,073 entrepreneurs presented their projects from the last week of December to the second week of Chaitra. 

Then, on April 21, 2082, the foundation made public the names of 661 entrepreneurs eligible for startup loans. In the fiscal year 2081/82, out of the 661 entrepreneurs selected, 600 were disbursed with startup loans worth Rs 886.625 million. The Industrial Business Development Foundation has stated that 61 entrepreneurs did not get loans as per the proposal because they did not have a business, were blacklisted, and could not submit documents during the on-site inspection by the National Commercial Bank.