Chaudhary Foundation, LCIF to invest USD 500,000 on social business

Kathmandu, November 16: Chaudhary Foundation and Lions Club International Foundation (LCIF) have announced to invest USD 500,000 in 2017 for the promotion of social business in Nepal. The amount will be invested in social business projects in rural parts of the country.
At a press meet organized in Kathmandu on Wednesday, Chaudhary Foundation’s Chief Executive Nirvana Chaudhary and LCIF’s International Director Sanjay Khetan announced that the amount will be spent for the second phase of implementing Nepal Social Business projects.
Nepal Social Business (NSB), a joint initiative of Chaudhary Group and LCIF started in 2014, has expedited social business projects for the social and economic welfare of the communities in rural parts of Nepal.
Among the 100 social businesses incubated in the first batch through extensive training and mentoring, 12 projects have been qualified for funding so far. The projects are primarily based in western part of the country.
NSB provides financial resources to local entrepreneurs who have business ideas but lack startup funds.
Karnali Miteri Udyog (Jumla), Organic Fruit and Food Processing (Jumla), Dang Hosiery Tatha Garment Pvt. Ltd. (Dang), Bageshwori Bahudeshiya Krishi Farm Pvt. Ltd (Salyan), Mahalaxmi Jhola Udhyog Pvt. Ltd. (Kailali), and Ajaymeru Tamrakar Bhadabartan Pvt. Ltd. (Dadeldhura) and six eco-lodge projects in Dolpa are among the projects qualified for NSB funding. More projects are in the pipeline.
“We believe that developing local entrepreneurship will significantly help Nepal’s rural communities to be self-reliant,” Managing Director of Chaudhary Group and Chaudhary Foundation’s Chief Executive Nirvana Chaudhary said. “Social business can be a means of social transformation. Chaudhary Foundation is committed to help Nepali rural societies be economically sustainable by helping them develop social business projects at the local level.”
LCIF International Director Sanjay Khetan said, “NSB will invest on those upcoming entrepreneurs who have an enterprising mind and zeal to start business with social impact.” He expressed confidence that the initiative of Nepal Social Business would be instrumental in changing the economic and social spectrum of Nepal.
Stating that LCIF was satisfied with the social business projects in Nepal, LCIF Trustee N. S. Sankaran hoped that the projects would contribute toward uplifting the economic condition of rural communities of Nepal.
Primarily concerned with social welfare, a social business project aims to develop social entrepreneurship through training, mentoring, and funding of potential local entrepreneurs. Investors do not share dividend and the profit is continuously used for re-investment into the project.

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