81 Crore NPR Allocated for Concessional Loans to Startup Businesses in Upcoming Fiscal Year

June 26, Kathmandu – The government has allocated a budget of NPR 81 crore to provide concessional loans to startup businesses for the upcoming fiscal year 2083/84. According to the annual development program of the Ministry of Industry, Commerce and Supplies, a total budget of NPR 80.85 crore has been earmarked for this period. The government has been offering loans to startups selected through the Industrial Enterprise Development Institute.

Compared to the last fiscal year 2082/83, the budget for this program has been increased for the upcoming year. In the current fiscal year, NPR 73 crore was allocated to provide loans at a 3% interest rate, and there are plans to further enhance this allocation in the upcoming budget. Additionally, preparations are underway to implement a startup fast-track system to promote entrepreneurship, improve the investment environment, and streamline the business registration process to make it simpler, faster, and hassle-free. The ministry has also set aside funds for surveys and research related to this system.

Furthermore, NPR 1.3 million has been allocated to provide awareness, counseling, and training on entrepreneurship development to youth interested in becoming entrepreneurs. In the upcoming fiscal year, programs will be conducted to motivate youth with creative ideas to start businesses, and existing entrepreneurs will receive orientation and bootcamp support for scaling up their ventures. A national-level Startup Nation 2030 conference is also planned. Funds have been secured for establishing and operating a FAB Lab at the Business Development Center. Moreover, a digital portal for startup enterprises will be developed and implemented.