Kathmandu. The government has called for project proposals for start-up businesses. Issuing a notice on Wednesday, the Industrial Business Development Foundation has requested the interested entrepreneurs to apply for the loan as per the ‘Startup Enterprise Loan Operation Procedure’. The Industrial Business Development Foundation (IEDF) has opened the application for the loan on the proposal of Minister for Industry, Commerce and Supplies Anil Kumar Sinha.

The interested entrepreneurs have been given 21 days to submit their proposals. Entrepreneurs who wish to apply for the loan must meet the eligibility criteria set out in Section 4 of the Procedure. Applicants should have the latest knowledge, creative thinking, special skills and abilities in the relevant field. The project proposal can be prepared in the prescribed format and submitted online.

According to the revised procedure, a start-up entrepreneur can get a loan of up to Rs 20 lakh in the current financial year. Earlier, the government had been providing loans up to Rs 25 lakh to startups at an interest rate of 3 percent.