Deadline: 11 September 2023
The Loden Foundation is delighted to announce a call for business proposals from aspiring and established Bhutanese entrepreneurs in collaboration with Boiling Point and Society Switzerland Bhutan.
The Loden Entrepreneurship Programme (LEP) was established to assist young Bhutanese with the vision, drive, and idea to start or grow an economically beneficial, socially responsible, culturally sensitive, and environmentally friendly company.
The program will support a diverse variety of entrepreneurial ventures that are innovative, viable, and scalable. The proposals must align with national priorities such as employment creation, import substitution, retaining Bhutanese leaving overseas, and improving the economy’s resilience.
Benefits
- Standard Loan Scheme and Repayment Procedure: Selected applicants will be given a four-year, interest-free loan of up to BTN 1.5 million. The loan will be disbursed within two months of the final results being announced and all necessary prerequisites being fulfilled. The Loden Foundation will require the selected applicants to sign a loan agreement along with a guarantor. The loan is divided into two instalments. The second tranche of the loan will be made following verification of the proper use of the funds received in the first tranche and a favourable recommendation from Loden’s project monitoring team.
- Mentoring Support: Mentoring support will be provided to the selected entrepreneurs to help them advance their businesses and provide guidance in business-related areas. Once the business is up and running, the entrepreneurs must send a detailed bi-annual written report to the Loden office. Entrepreneurs are usually granted a grace period of up to six months before being required to repay the loan within four years.
Eligibility Criteria
The proposal will be evaluated based on the following priority criteria:
- Financial viability (able to repay the loan)
- Cultural, social and ecological sensitivity (e.g. not a slaughterhouse, fishery, logging, bar etc.)
- Clear and realistic
- The social impact such as employment generation, community benefit, etc.
- Geographic suitability or regional balance
- Non-duplication of LEP funded project or projects (should not be something which is already in the market and where there is no requirement for such projects)
- Entrepreneurial drive and motivation (good business is not sufficient; we need real entrepreneurs)
- Personal commitment (teamwork and personal investment are a plus)
- Skills (understanding competition and critical business indicators).
Standard Selection Process
The business proposals and applicants will be evaluated by an independent panel of judges composed of both national and international business specialists. Shortlisted candidates will be invited to an interview in September 2023 at the Loden office in Thimphu or virtually. Schedule changes will be announced on the website in advance.
For more information, visit Loden Foundation.
