In the current fiscal year 2080/81, Rs. twenty-five crores have been allocated for startup loans. To provide loans to startups, entrepreneurs who have been registered according to the prevailing law and have not exceeded seven years by the last date of application will be eligible for the loan. In this procedure, 16 areas of industry that can be operated as startup enterprises have been specified.
The Startup Enterprise Program will be implemented by the Industrial Business Development Foundation. In this procedure, the Wamojim Startup Loan Fund will be operated by a government-owned commercial bank. According to this procedure, loans up to a maximum of 25 lakhs are provided through the bank. The interest rate of the loan will be three percent per annum. While disbursing the loan, the bank will provide the loan amount in one installment for loans up to five lakhs, two installments for loans up to fifteen lakhs and three installments for loans up to twenty-five lakhs. In this procedure, the duty of the entrepreneur who receives the loan is also specified. To use the loan amount according to the purpose, to repay the loan principal and interest amount according to the agreement, to provide the necessary information and data during the monitoring by the regulatory body or the bank, to submit the progress report of the start-up enterprise done quarterly to the bank that provides the loan, the establishment, committee and There is a provision that the entrepreneur receiving the loan must comply with the instructions given by BIDD, and if the loan is not repaid, there is also a provision that the bank can recommend to the relevant agency for action.
To promote startups, the startup policy has been formulated and is in the process of approval, while the process of amending the Industrial Business Act, of 2076 has also been initiated to provide legal arrangements to support and promote startups.
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