Over 10,000 Applications Received for Startup Loan Program in Nepal

Kathmandu. More than 10,000 applications have been received for the startup loan program. The Industrial Enterprise Development Institute under the Ministry of Industry, Commerce and Supplies announced that it has received 10,244 project proposals for concessional loans in accordance with the Startup Enterprise Loan Program Operation Procedure, 2082.

A budget of 86 crore has been allocated for the current fiscal year 2082/83 with the objective of encouraging youth engagement in startup enterprises by transforming innovative knowledge, ideas, skills, and capabilities into business.

According to the Institute, the call for proposals for providing concessional loans to startup enterprises was issued on Kartik 19, 2082, and 10,244 project proposals were received within the stipulated time. Among these, 2,041 proposals were received physically and 8,203 electronically. It is mentioned that loan demands came from 77 districts across all seven provinces and 793 local levels.

The received project proposals will be evaluated by an evaluation committee comprising experts in each subject area. An AI-based screening software will be used for the initial screening, which is expected to provide up to approximately 80 percent accuracy.

During the evaluation of project proposals, the physical status will be verified on-site with the assistance of an enterprise development facilitator for payment processing. The facilitator must present the physical status of the project, details, some relevant photographs, and a one-minute video presentation showing the work or product operated by the entrepreneur.

The Institute will publish an initial list including project proposals that meet the criteria of the procedure. Considering the significant cost and time involved in the business presentation, the evaluation committee will award marks according to Schedule-5 of the procedure based on the on-site inspection details, photos, videos received from the enterprise development facilitator, and documents submitted in the format specified by the Institute.

Marks will be awarded based on indicators other than the 6-mark business presentation under 'D' of Schedule-5. It is informed that projects included in the initial list will undergo foreign credit checks, and those scoring more than 50 marks will be recommended for loans on a priority basis.