Kathmandu: The Department of Industry (DoI) has disqualified 213 start-ups from receiving enterprise loans. The disqualified start-ups were out of 382 applicants for the loans, according to the DoI.

The DoI had issued a notice on March 30, 2023, inviting applications for the loans under the Start-up Enterprise Loan Fund Procedure, 2079. The loans are provided to start-ups that meet certain eligibility criteria, including having a paid-up capital of not more than Rs 5 million, annual incomes below Rs 500,000, fixed assets (except values of real estate) not exceeding Rs 20 million, and workforces of not more than 10 employees.

The DoI said that the disqualified start-ups did not meet the eligibility criteria. The disqualified start-ups can appeal the decision of the DoI.

The DoI has said that it will provide the loans to the remaining 169 start-ups that met the eligibility criteria. The loans will be provided at an interest rate of 6%.

The DoI has said that the enterprise loans will help start-ups to grow their businesses. The DoI has also said that the loans will help to create jobs in the country.