Govt. to give loan to aspiring startups

Kathmandu- The Government of Nepal (GoN) has approved the procedure to give loans for seed capital to the innovators aiming to promote innovation.

The Innovation Seed Capital Loan Disbursement Procedure 2020 has a provision of providing loans to the inventors, industrialists and businesspersons as the initial capital to realize their goals.

Those wishing to receive the loan should apply along with the invention, industry or business, possible risks, total amount needed for the project and amount expected from the government. The applicants also need to furnish the social and economic impacts of the innovation.

The government would provide 50% of the total cost of the project not exceeding five million rupees as a soft loan at 2% interest to the qualified applicants.

The recipient should repay the loan in instalments within 4 years of the launching of the projects. The project must be launched within a year from the loan approval.