Govt to provide collateral free loan to promote self-employment «

Govt to provide collateral free loan to promote self-employment

In its bid to promote self-employment and entrepreneurship development in the country, the government is to provide investment opportunities to some youth even by providing collateral free amount in loan investment.
Inaugurating the ‘Yunus Social Business Challenge-2018’ organized by the King’s College here today, Minister for Labour, Employment and Social Security Gokarna Bista shared that the government would invest the capital without seeking collateral from the promising youths.
Minister Bista argued that the unemployment was a burgeoning problem in the country due to lack of enthusiasm for developing entrepreneurship among the youth.
Assuring that no youth shall be deprived of being entrepreneurial in lack of capital, the Minister said, “Government, aiming to promote entrepreneurship among the youths is ready to invest some Rs 500,000 to one million rupees in thousands of youths without seeking collateral from them.”
Stating that the government had allocated budget in the current fiscal year for promoting self-employment, Minister Bista underscored the youth’s active participation in promotion of entrepreneurship.
Minister Bista opined that the promotion of entrepreneurship was lagging behind due to lack of respect for labour among people in the country.
Also speaking at the event, King’s College Narottam Aryal said that the college has been launching an entrepreneurship development campaign, especially in the areas relating to energy, agriculture, tourism and women’s participation for three years.
Yunus Social Business competition is an incubation programme, named after Nobel Peace Prize Laureate Muhammad Yunus, for aspiring student entrepreneurship of all the colleges and institutions in the country.
Altogether 55 youth groups had sent their applications for the competition among which 10 have entered the last round.
The incubation programme will run for 15 weeks wherein workshops will be held on dedicated topics and the attendees will be mentored throughout and after the programme. The first winner will take home Rs 100,000, second Rs 45,000 for sustainable agriculture, Rs 50,000 for women participation and Rs 40,000 for alternative energy, the organizers said.