Loden backed 13 young entrepreneurs with interest free loan
As part of its annual entrepreneurship programme, Loden Foundation backed 13 aspiring entrepreneurs this year with interest free capital seed money ranging from 0.2 to 0.6 million ngultrum. Loden received total of 90 business proposals this year competing for the fund out of which 25 applicants were shortlisted and 13 entrepreneurs with most viable business ventures were finally selected for the fund.
The entrepreneurial ventures include an auto Mechanical Workshop in Trongsa, an eco friendly construction technique using stabilized Mud Blocks in Tashigang, a landscape designer and an Horticulture nursery both located in Punakha, a Dairy Farm in Sarpang, an IT repair centre in Mongar, a much needed Schools Bus Service in Thimphu, a Children’s Book Store in Timphu and various other projects in wood Works, tailoring, hand loom and Electrical Hardware Services in various districts.
The selection of the entrepreneurs was conducted by an independent committee comprising of both local and international business professionals. Loden funded total of Nu 5.4 million this year. These new 13 entrepreneurs are joining the 26 entrepreneurs already backed by Loden over the last 3 years.
According to the director for the Loden Entrepreneurship Programme, Mr Gerard Tardy,” it is the fourth year of our very successful entrepreneurship program. This year, it has been very encouraging to receive so many strong projects from all over Bhutan and out of the 13 projects selected this year, only two are located in Timphu. This shows that the entrepreneurial culture is developing in many districts of Bhutan and is not limited to Timphu or Paro valleys”
Loden also provides ongoing support to entrepreneurs through mentoring programme which is intended to help entrepreneurs realize their potentials and guide them through during the course of running their businesses. Loden considers part of the success of these programme is due to the basic entrepreneurship trainings which they impart twice every year.
Loden will have next competition for interest free capital fund in May, 2012 after the entrepreneurship training sessions in Phuntsholing in November, 2011 and in Thimphu in April, 2012.