Call for business proposals for Loden-DHI FundPosted on: September 4th, 2015
To commemorate the most auspicious 60th birth anniversary of His Majesty the Fourth Druk Gyalpo, The Loden Foundation are pleased to call for business proposals from aspiring Bhutanese entrepreneurs. This is a separate funding window created jointly under Loden and DHI Fund for next three years.
The project aims to support young Bhutanese men and women in entrepreneurial business ventures. It was launched in September 2015 to help young people realize their dreams by providing them initial funds to start new business enterprises or expand existing businesses. By helping young people to be self-starters in business enterprises, the programme hopes to cultivate entrepreneurial skills in the youth, create employment and promote a self-sufficient economy.
The size of the fund will range from Nu. 100,000 (one hundred thousand) to Nu. 1,500,000 (one and half million ngultrum but the amount offered will depend on the proposed business project. We have a policy to support only businesses which are ethical and culturally and ecologically conducive for Bhutan. Businesses which can generate employment and are located outside Thimphu are encouraged.
The business applications will be evaluated by an independent panel of judges comprised of international and local business experts. About one-fourth of the applications will be shortlisted for interviews by the end of October 2015. The interview of the shortlisted applicants will take place at the Loden office in Thimphu sometime in the middle of November, 2015. Loden will disburse interest-free loans to the selected candidates soon after the final results are announced upon fulfilling necessary prerequisites.
The selected applicants will be asked to sign a contract agreement with the Loden Foundation and also present a guarantor. The fund is normally paid directly to the source of the equipment or such other services for which the fund is used. If it is paid directly to the bank account of the business, it will be disbursed in two tranches and the second tranche of the loan shall be made upon the receipt of the proper use of money received in the first tranche and with positive recommendation from the project monitoring team from Loden.
Mentoring support shall be provided to the selected entrepreneurs to support the progress of the enterprise and the appropriate use of the funds. Once the business started, the entrepreneurs shall submit a short monthly progress report to his/her mentors and shall submit a detailed written report to Loden Office every six months. The entrepreneurs is normally given a grace period of six months and required to pay back the whole amount within three to five years time depending on the size of the loans.
The interested applicants aged between 25 to 40 must submit:
- A detailed business plan with an executive summary
- Curriculum Vitae
- Cover letter explaining why you are interested in this business
Please send the electronic copy of your documents to firstname.lastname@example.org and printed copy to the Loden Foundation, Post box 131, Thimphu by 28 September, 2015. Further details about this programme can be obtained by writing to email@example.com or calling 02-332006 during the office hours.