Lumbini starts entrepreneur development programme for unemployed peopleThe provincial government has declared that it will provide beneficiaries with easy loans and grants to start their own businesses.
The Lumbini provincial government has started an entrepreneur development programme for unemployed youths and recent returnees migrant workers affected by the Covid-19 pandemic.
The provincial government has declared that it will provide beneficiaries with easy loans and grants to start their own businesses.
According to the Ministry of Industry, Tourism, Forest and Environment, recent returnees from India and overseas who lost their jobs due to the pandemic, disabled people, conflict victims, single women and people from marginalised communities will be prioritised for the programme.
The ministry has said that it will provide the beneficiaries with loans and pay their interest for three years.
On Friday, the ministry and the provincial office of Nepal Bank Limited signed an agreement to implement the programme. According to the agreement, around Rs430 million will be mobilised for the entrepreneur development programme in the province.
An agreement has also been made to submit Rs100 million to the bank through the Entrepreneur Development Fund in the current fiscal year. According to authorities, 1,300 individuals will benefit from the programme in the current fiscal year.
As per the plan, the ministry will provide Rs300,000 to Rs1 million as loan to aspiring entrepreneurs on the basis of the businesses they establish. The ministry will also pay the loans of such amounts for three years.
“We aim to utilise our labour force in our own province and create employment opportunities through the entrepreneur development programme,” said Lila Giri, minister for Industry, Tourism, Forest and Environment of the province. “The ministry will add more funds in the next fiscal year after evaluating the programme’s effectiveness.”
To receive the grant, a registration certificate of a business in the fiscal year 2020-21, a recommendation from the Cottage and Small Industries Office, a self declaration citing they have not received a grant from any government agency and a Nepali citizenship certificate are necessary. The bank will provide loans after evaluating these documents.
Pasang Dhwaj Sherpa, manager at the provincial office of Nepal Bank Limited, said the bank’s branch offices in all districts of the province will give out loans after inspecting and verifying the documents.
“The interest will be stagnant for three years. Loans will be provided as per the demand and need of the entrepreneurs,” Sherpa said.
Rajan KC, secretary of the ministry, said, “Under the programme, a fund of Rs19.1 million has been allocated for Rupandehi, Rs12.4 million for Kaplivastu and Rs12 million for Dang district. Beneficiaries are going to be selected from the bank itself rather than from the ministry.”