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Startup Enterprise Loan Fund Procedure approved

The government has recently approved the “Startup Business Loan Work Procedure” to encourage the youths with innovative ideas to start their ventures.

As per the procedure, the credit will be floated to 16 different sectors at a concessional interest rate of just 3 per cent sans collateral These sectors are tourism, agriculture, science and technology, information and communication, education, renewable energy, etc.

During the current fiscal, the government has earmarked Rs 250 million to fund these sectors. The state-owned commercial banks will be operating a Startup Loan Fund to mobilise the credit. The Industrial Enterprise Development Institute is assuming the responsibility of implementing startup enterprise programs.

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