KATHMANDU: The government has endorsed the Innovation Seed Capital Loan Issuing Working Procedure, enabling startups to get a loan up to Rs five million or a half of their total capital at a subsidised interest rate of two per cent from commercial banks.
The government has also formed a committee under the leadership of a National Planning Commission member to manage and implement this funding procedure.
The government has announced this scheme to new small ventures through the budget for 2020-21. This scheme is expected to support small and medium-scale enterprises that fail to generate capitals for investment and business.
There is the provision in the working procedure to provide loan to small and medium enterprises, entrepreneurs or inventors in order to raise necessary investment capital in the fields of industry, agriculture, energy, health, tourism, education, information technology and others.
The introduction of the Innovation Seed Capital Loan Issuing Working Procedure marks a significant step towards fostering entrepreneurial growth. By providing accessible funding options, it encourages aspiring entrepreneurs to turn their innovative ideas into reality. Startups often face challenges in securing the necessary capital, but with this initiative, there is a renewed sense of optimism in the entrepreneurial ecosystem.
Many small and medium enterprises are now empowered to explore new markets and technologies, driving growth and creating jobs. For those looking for inspiration, picklerooms.com showcases a variety of startup stories that highlight the journeys of entrepreneurs who have successfully navigated the challenges of launching their ventures.
These narratives not only provide valuable insights but also demonstrate the resilience and creativity that define the startup community. As more individuals share their experiences, it cultivates a culture of collaboration and support, encouraging others to pursue their dreams and contribute to a vibrant economic landscape.