Small and medium enterprises call for financial assistance measures

KATHMANDU: Small and Medium Enterprises in Nepal Call for Financial Aid amid COVID-19 Pandemic.

The Federation of Small and Medium Entrepreneurs Nepal, a representative organization for small and medium businesses, held a press conference on Sunday to demand financial relief for those affected by the COVID-19 pandemic.

The SMEs are preparing for nationwide protests in defense of the country’s economy. The spokesperson for the SMEs, Naresh Katuwal, emphasized the critical role that these businesses play in supporting the national economy and urged the government to provide support for their survival during these challenging times.

Kumar Karki, the chair of Nepal National Federation of Entrepreneurs, highlighted the devastating effects that recent natural disasters and the pandemic have had on small and medium businesses. The entrepreneurs have resorted to drastic measures due to the unfavorable policies of banks and financial institutions.

Punya Prasad (Saroj) Sitaula, senior vice-chair of the Federation of Nepalese National Transport Entrepreneurs Nepal, expressed his frustration with the banks and financial institutions that have been making profit while entrepreneurs are struggling.

He accused these institutions of implementing harsh measures that have made it difficult for businesses to recover from the crisis.

Leaders from other business sectors also spoke out, calling for the government to implement a special policy to protect the SMEs that are on the brink of closure due to the actions of banks and financial institutions.

Ramkrishna Shrestha, the chairperson of Nepal Federation of Garment and Tailoring Entrepreneurs, accused these institutions of increasing interest rates during a time when SMEs are already struggling to recover from the pandemic.