Business Support Agencies are organizations, both governmental and non-governmental, that provide various forms of assistance to businesses for their establishment, growth, and sustainability. These agencies aim to create a favorable environment for entrepreneurship, enhance business competitiveness, and contribute to national economic development.
Explanation:
Business Support Agencies play a crucial role in promoting and facilitating business activities by offering financial, technical, managerial, and advisory services. They help entrepreneurs and enterprises overcome challenges such as lack of capital, limited market access, poor management skills, and technological gaps.
These agencies may offer support in the form of:
- Financial assistance (loans, grants, subsidies)
- Training and skill development
- Market information and research
- Business registration and legal guidance
- Technology and innovation support
- Export promotion and networking opportunities
In Nepal, such agencies are essential for strengthening small and medium enterprises (SMEs), promoting entrepreneurship, and supporting industrialization, especially in rural and developing regions.
Examples of Business Support Agencies in Nepal:
- Industrial Enterprise Development Institute (IEDI) – Provides training, research, and consultancy services.
- Small and Cottage Industry Development Board (SCIDB) – Promotes and supports small-scale industries.
- Trade and Export Promotion Centre (TEPC) – Facilitates export growth and international trade.
- Federation of Nepalese Chambers of Commerce and Industry (FNCCI) – Represents private sector interests and provides business networking.
- Nepal Rastra Bank (NRB) – Supports financial inclusion and access to credit for entrepreneurs.
