922 startups get loans from Industrial Business Development Institute last fiscal year

The Industrial Business Development Institute said it provided loans to 922 startup projects in the last fiscal year, 2082/83. According to the institute, more than Rs 1.05 billion was disbursed to these projects. The Startup Enterprise Loan Programme was run to provide financial access to businesses based on new ideas, technology and innovation.

The institute, which operates under the Ministry of Industry, Commerce and Supplies, had invited proposals for 21 days from Kartik 19 to Mangsir 9, 2082 BS. During that period, 10,244 proposals were registered from across the country, of which 8,203 were submitted online and 2,041 were submitted in person at the office. After technical and administrative scrutiny, 1,298 projects were included in a preliminary list.

Those entrepreneurs presented their business plans in person from Jestha 31 to Asar 5, 2083 BS. After evaluation, 966 projects were recommended for loans and sent to the National Commercial Bank on Asar 16. After the bank completed its process, 922 projects received loans.

The government had allocated about Rs 1.46 billion to the institute last year, most of which was for recurrent expenditure. The institute said it spent the budget mainly on startup loans, technology upgrade grants, entrepreneurship training and business promotion services.