Agreement to simplify start-up business loan procedures

Photo Courtesy: Ministry of Finance

Kathmandu: Stakeholders have urged the government that the youth can be attracted toward start-up businesses if only the government ease loan process.

In a discussion held at the Ministry of Finance on Friday, stakeholders have come to the conclusion that cumbersome procedures cannot promote start-ups. On the occasion, it was emphasized that the procedure should be made simple and expeditious.

During the discussion, Finance Minister Janardan Sharma directed to formulate working procedures so that even the youths of remote slums can easily get start-up business loans.

“Let’s not create a bothersome procedure that will frustrate young people who want to start a new business,” he said. Minister Sharma expressed the view that it would be appropriate to form a quick team under the leadership of the Secretary of the National Planning Commission without forming too many structures and committees in the working procedure and provide start-up business loans as per its decision.

Member of National Planning Commission Dr. Ram Kumar Phunyal said that as start-up business is a new program for Nepal, simple procedures should be prepared to keep in view its principles and international practices.

Similarly, Finance Secretary Madhu Kumar Marasini and Revenue Secretary Krishna Hari Pushkar opined that working procedures should be formulated targeting new entrepreneurs.

The government had brought the program to provide grants for start-up business operations in Nepal from FY 2076/77. Accordingly, the National Planning Commission had also collected applications by formulating working procedures related to grants. Commission member Phunyal informed that 699 people had applied for the grant.