Startups can get loan up to Rs 5 million at 2% now onwards

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Kathmandu, December 2

Startups can 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 now onwards, says the government.

A recent cabinet meeting endorsed the Innovation Seed Capital Loan Issuing Working Procedure, enabling the banks to issue subsidised loans.

A committee has been formed under the leadership of a National Planning Commission member to manage and implement the funding procedure.

Concerned government agencies say small and medium-scale enterprises failing to generate capitals for investment in industry, agriculture, energy, health, tourism, education, and information technology sectors can apply for the loan.

The government had announced this scheme in the annual budget speech for the ongoing fiscal year.

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