NewBiz Report

Continuing its commitment to promoting women entrepreneurship, New Business Age Private Ltd recently conducted a new series of financial literacy and entrepreneurship training programs for women entrepreneurs in Butwal and Nepalgunj. Held on June 17 and 18 respectively, these sessions garnered enthusiastic participation from women entrepreneurs in both cities. Sponsored by Siddhartha Bank, the training programs served as a precursor to the upcoming 'New Business Women Summit and Awards 2024'. Since 2021, New Business Age Pvt Ltd has annually recognized and celebrated women entrepreneurs, aiming to inspire and acknowledge their significant contributions to entrepreneurship. During a program in Nepalgunj, Krishna KC, Minister for Energy, Water Resources, and Irrigation of Lumbini Province, announced the allocation of NPR 250 million for interest subsidies to support women entrepreneurs, along with NPR 200 million for concessional loans at a 5% interest rate. Uma Joshi Bohora, former executive director of Nepal Rastra Bank, stressed that business success hinges on more than just financial investment. Entrepreneurs must master skills in production, pricing, and marketing to thrive. 

Nepalgunj

"Training Programs Essential for Women Entrepreneurs"

Savitra Devi Basnet, President, Women Entrepreneurs Association, Banke

I would like to extend my heartfelt gratitude to New Business Age Pvt Ltd for providing essential training programs for women entrepreneurs in the Banke region. Their commitment to empowering women through education and skill development is truly commendable. We look forward to future opportunities to learn from them again, and we are already planning to invite them back for more sessions. This training has indeed been effective and impactful for the growth and development of women entrepreneurs in our community. 

Butwal

"Butwal Sub-Metropolitan Provides Various Training"

Khel Raj Pandey, Mayor, Butwal Sub-Metropolitan City

The Butwal Sub-Metropolitan provides various training programs for women entrepreneurs and plans to continue these initiatives. This year, 500 women entrepreneurs received various skill training, especially in the productive sector. We aim to provide similar training to about 3,000 women entrepreneurs annually starting from the upcoming fiscal year. 

Nepalgunj

"Entrepreneurship Requires Innovative Thinking"

Ashok Kumar Bhujel, Resource Person

To achieve success, it's essential to think critically before taking action. Understanding the fundamentals of entrepreneurship, including business, products, and services, is crucial. Additionally, marketing plays a significant role; it's not just about following trends blindly. A well-thought-out business can offer a wide range of products, such as those made from hemp, bast, and cotton. Development and innovation are key to any successful enterprise, as merely thinking without action is insufficient. Entrepreneurship requires proactive efforts and engagement, not complacency. 

Nepalgunj

"Confidence and Transparency are Key"

Kiran Ranamagar, Branch Head, Nepalgunj Branch, Siddhartha Bank

Women entrepreneurs often struggle to showcase their businesses. However, they must clearly communicate their business plans when applying for a loan. Confidence and transparency are key when informing the bank and its branch manager about their ventures. A compelling presentation is essential. To secure a business loan, all transactions must go through the banking channel, and all required documents must be submitted. 

Butwal

"We need Continuous Learning and Practical Application"

Anita Devi Chundali, President, Women Entrepreneurs Association, Rupandehi

I extend my heartfelt thanks to the team of New Business Edge Pvt Ltd and Siddharth Bank for organizing this event for women entrepreneurs. Without their efforts, we would have missed out on valuable learning opportunities. This program is expected to greatly benefit women entrepreneurs. It's important to recognize that without the presence and participation of women entrepreneurs, this program wouldn't have achieved anything. 

Butwal

"Continuous Learning is Crucial"

Yagya Prasad Pangeni, Chairman,Ward No. 8, Butwal Sub Metropolitan

Recently, we organized a wick-making training program. Shanta Chaudhary, a female entrepreneur, participated and later trained 22 others in her ward. By applying the skills she learned, she started her own production and is now thriving. Wicks are used in rituals and pujas, making them a necessary item. We have provided entrepreneurship training in the past and plan to continue, especially focusing on women entrepreneurs. We also offer public speaking training for women, covering how to start a speech. 

Nepalgunj

"If you Fail to use the Loan Effectively, you will Incur Penalties"

Uma Joshi Bohora, Resource Person

Commercial banks offer subsidized loans under ten different categories. Among these, women entrepreneurs receive a 6% interest subsidy on loans designated for women's entrepreneurship. For instance, if the loan carries a total interest rate of 10%, with a government subsidy of 6%, the borrower only pays 4% interest. There are no service fees associated with these loans; however, penalties apply if the loan remains unused. 

Butwal

"Understanding Market Demand and Differentiating Your Products Accordingly is Key"

Basanti Pradhan, Resource Person

As an entrepreneur, your success is measured by how much you contribute to making others' lives easier and more successful. To become an entrepreneur, you should first focus on what interests you and then innovate within that area. It’s important to bring new and unique products to the market and clearly articulate the benefits to your customers. When starting a venture, choosing the right enterprise and crafting a comprehensive business plan are crucial. Continuous learning helps identify and address personal shortcomings, which is essential for the success of your enterprise. 

Butwal

"Proactive Management is Necessary to Prevent Potential Setbacks"

Chandradev Paudel, Branch Head, Butwal Branch, Siddhartha Bank

Many entrepreneurs start with small investments and, as their businesses become profitable, take out loans to expand. However, the key issue is whether these loans are utilized properly. For instance, a businessman may use the profits from a few successful years and take out additional loans to grow his business. If a businessman who initially invested Rs 8 million and took out loans buys a house for 10 million in cash, he diverts essential business capital, creating a shortage of funds for the business and resulting in an inability to repay loans. Instead of using business funds to buy a house, the businessman should save the profits from the business or take out a home loan and pay it off in installments. 

Nepalgunj

"Cultivate the Habit of Depositing Even Small Amounts into Fixed Deposits"

Sagun Khanal, Resource Person

Nepal Rastra Bank oversees all banks and financial institutions, ensuring their daily operations are monitored. Some individuals prefer government banks, assuming they are fail-safe, but with 20 commercial banks in Nepal, all are equally reliable. To hedge against uncertainty, diversify deposits across multiple banks. Establishing a budget and balancing monthly income and expenses promotes success, both personally and professionally. Yet, many shy away from small fixed deposits, keeping savings readily accessible but vulnerable to unplanned spending. 

Nepalgunj

"Provincial Govt is Committed to Provide Support"

Krishna KC, Minister for Power, Water Resources, and Irrigation, Lumbini Province

Women entrepreneurs face significant challenges, particularly concerning concessional loans from the government. I will collaborate with relevant ministries to address these issues. Some women have received zero-interest or subsidized loans, with the provincial government providing loans at an interest rate of 5 percent and allocating Rs 250 million for interest subsidies.