The Industrial Enterprise Development Institute, under the Ministry of Industry, Commerce and Supplies, has received 5,158 project proposals for startup business loans. The call for proposals was initially announced on August 27, 2024.
According to the department, these applications were submitted through both online and offline channels for participation in the startup loan program.
5,158 Applications Received for Startup Business Loans
The Ministry of Industry, Commerce and Supplies has announced that Rastriya Banijya Bank will provide startup business loans up to 2.5 million rupees without collateral at 3% interest for a 5-year term, based on the nature of the project. The bank will use the approved business or project itself as collateral when disbursing loans.
The government has allocated one billion rupees for the current fiscal year to encourage individuals with innovative knowledge, thinking, skills, and capabilities to engage in startup ventures. The Startup Enterprise Loan Operation Procedure 2024 has been approved to disburse loans at a 3% interest rate through this program.
Key Points About the Program:
- Loan Features:
- Maximum loan amount: Rs. 2.5 million
- Interest rate: 3%
- Loan term: 5 years
- No traditional collateral required
- Eligible Sectors:
- Science, technology, information, and communications
- Automobile-related ventures
- Traditional technology
- Production and service delivery improvements
- Household and daily life-related sectors
- Agriculture and livestock
- Forest products
- Tourism promotion and entertainment
- Selection Process:
- The Institute will prepare an initial list of projects meeting the criteria
- Selected candidates will be invited for business plan presentations
- Projects scoring 50 points or more will be prioritized
- Loans will be disbursed based on priority ranking
An agreement has already been signed with Rastriya Banijya Bank to mobilize these funds. Successful applicants who meet the requirements will be able to access loans at the 3% interest rate once their proposals are approved through the evaluation process.
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