First Business News Portal in English from Nepal
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.
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