Proposal of 5250 people to take startup loan

Until the last day of notification, a total of 5,250 people submitted proposals online and at the institute, said Engineer Umesh Kumar Gupta, executive director of the institute. Entrepreneurs went to the institute's office and there was a system where they could submit project proposals online through the institute's website.

'6 thousand 686 people had created users online to apply for startup loans,' said Gupta, 'out of which only 3 thousand 400 people have completed all the procedures and applied. 1 thousand 850 entrepreneurs had applied through I Manual at the institution itself. A total of 5 thousand 2 thousand 50 people have applied for the loan. Gupta said that the list of all the projects that came for the startup enterprise loan will be published on the foundation's website soon.

"After publishing the list of projects, we will see if it is/is not according to the criteria specified in Startup Enterprise Loan Operation Procedure, 081," Gupta said, "The shortlist of projects that came in accordance with the criteria We will make a list again after

ing. It is mentioned in the procedure that for startup loans, only those who have registered an industrial business for less than 10 years, whose annual turnover has not exceeded 150 million, and who have started a new business without merging or dividing the existing business are eligible. It is mentioned in the procedure that only enterprises of private firm, partnership firm, company or cooperative organization can get this loan.

The Ministry of Industry, Commerce and Supply approved the procedure on July 30. According to the Appropriation Bill, as the procedure has been introduced, there is a provision that the procedure should be approved every year for disbursing loans to startup enterprises. Accordingly, the foundation called for project proposals. "We invite the projects that meet the criteria to present a business plan and look at the credit appraisal, after which we publish the list eligible for lending," Gupta said.

The selected startups will get a loan from a minimum of five lakh rupees to a maximum of Rs 25 lakh at an interest rate of three percent. The duration of this loan will be a maximum of five years and the procedure is to start repaying the principal or interest after one year of taking the first installment. According to the procedure, the bank will have to keep the approved business or project as collateral while disbursing the loan. Business or project insurance is mentioned in the procedure that the entrepreneur should do himself.

It is mentioned in the procedure that the bank providing the loan may charge service fee up to a maximum of 0.1 percent of the loan amount from the related entrepreneur for administrative or service fee. According to the procedure, one or more banks can be appointed to provide start-up loans.

The loan amount must be deposited in a separate account in the bank, and the amount remaining in the account must be returned to the Federal Reserve Fund at the end of the financial year. It is mentioned in the procedure that an entrepreneur cannot submit more than one proposal. The business of not taking a concessional loan from any other agency is also in the procedure where the entrepreneur has to self-declare. According to the institution, the applicant who has taken a concessional loan from any other agency will not be given a loan according to this procedure until the loan is repaid.

This August 17, a separate agreement has also been signed between the Industrial Business Development Foundation, the National Commercial Bank and the Deposit and Credit Protection Fund for providing startup loans. An agreement was reached between the Foundation and the Deposit and Credit Protection Fund regarding loan protection in accordance with the provision of protection of loans provided to startup entrepreneurs according to Startup Enterprise Credit Operation Procedure, 081. An agreement was reached to provide loan and recovery work for the project recommended by

foundation. The government has provided loans to 65 people according to the 'Startup Enterprise Loan Operation Procedure, 080' which came in accordance with the Appropriation Bill last financial year. The institution has given loans to 165 out of 183 projects selected for startup enterprise loans. According to Gupta, the executive director of the foundation, more than 17 crores of loans have been provided to entrepreneurs of those startup projects.

"Out of the 183 selected last year, 5 were blacklisted and 2 said they would not take loans," Gupta said, "We will disburse loans to the remaining 11 entrepreneurs by the second week of October."