1658 startups applied for concessional loans, this is the evaluation committee’s criteria

One thousand six hundred fifty-eight startups applied for sessional loans on February 11. As of February 11, the Ministry of Industry, Commerce and Supply has informed that 1,658 projects have been proposed for startup enterprise loans.

In the current fiscal year, the government allocated 250 million (budget) to involve people with innovative thinking, knowledge and skills in startup enterprises. Startup Enterprise Loan Procedure 2080 has been approved to provide loans up to 2.5 lakhs at 3 percent interest rate from that program. January 19o the procedure on January 19, the Industrial Business Development Foundation called for loan proposals. According to the ministry, the institute will prepare a preliminary list of the projects that have met the criteria and contact them for presentation on a specific date and time.

Projects not present for presentation at the specified time will not be automatically selected. The presented projects will be recommended for loans based on the credit appraisal through the bank and those who score more than 50 points. The recommended entrepreneurs must agree with the National Commercial Bank and repay the loan within the stipulated time per the bank’s rules.

Specific standards have been prescribed in the procedure for disbursement of startup loans. The ministry has mentioned that the foundation has made the criteria with the help of the Nepalese government and experts to prepare the initial list of the received projects based on the same criteria.

The criteria made by the evaluation committee are as follows.

1. Study the 1658 proposals registered in the institution individually in the evaluation committee and decide after discussion.
2. During the evaluation, the evaluation committee, including the employees directly involved with it, will make decisions without bias.
3. Taking into account the sensitivity of the information, the employees directly connected with it, including the evaluator, shall observe the confidentiality of the information according to their work responsibilities.
4. During evaluation, projects not meeting the criteria mentioned in section 4 of the procedure will not be included in the eligible list.
5. Discussing and concluding the evaluation committee members to decide whether or not new technology and creative thinking have been used in the production/operation/distribution process of a product or service.
6. As the startup business registration body, the Department of Industry, Provincial Industry Registration Body and local level will carry out the work per the law; only business applications registered from the bodies above will be processed for loan purposes.
7. Among the documents to be attached with the proposal mentioned in (c) of schedule 1 of the procedure, ‘Copy of the certificate of registration and renewal of the industry’, ‘Copy of the certificate of permanent account number’, ‘Previous A.V. If there is a copy of the tax payment certificate of 2079/80, the process will not be continued if the documents are not attached accordingly.
8. Only the proposals received in the format mentioned in Schedule 1, Section 8 and Sub-Section 1 of the procedure will be included in the evaluation.
9. Unopened capital proposal forms that are not correctly filled out and proposals that are partially filled out will not be included in the evaluation.
10. According to section 8 sub-section 1 of the procedure, since an entrepreneur cannot submit more than one proposal if someone is found to have submitted more than one proposal, all proposals will not be taken forward in the process.
11. When the evaluator studies the proposal, the details and purpose are not clear, the previous work is not mentioned anywhere, and the submitted documents do not show that such proposals are being dealt with in the process.
12. If the details mentioned in the proposal differ from those in the submitted documents, such proposals should not be considered for further consideration.