A total of 610 startups have applied for concessional loans in the first six days following the government’s call for applications.
According to the Ministry of Industry, Commerce and Supplies, 592 applications were submitted through the online platform, while 18 were submitted physically. The ministry had invited interested firms to apply within 21 days last Wednesday.
The move comes under the government’s 39-point “Immediate Reform Work Plan for Promotion of Effective Public Service 2025,” which includes measures to accelerate startup financing and simplify related processes. Under the Startup Loan Facilitation Scheme, startups can access collateral-free loans at a concessional interest rate of three percent.
The previous government had allocated Rs 730 million in the annual budget to provide concessional loans aimed at skill development, business expansion, marketing, and value-chain enhancement. For the current fiscal year, the government plans to provide loans to 400 startups.
In fiscal year 2023/24, Rs 250 million was allocated to support 165 startups, while last year, 600 projects received funding totaling Rs 1 billion.
