𝐎𝐏𝐈𝐍𝐈𝐎𝐍- 𝐓𝐡𝐞 𝐄𝐒𝐏 𝐋𝐨𝐚𝐧 𝐇𝐚𝐬 𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐍𝐢𝐠𝐡𝐭𝐦𝐚𝐫𝐞 𝐟𝐨𝐫 𝐁𝐡𝐮𝐭𝐚𝐧

As a committed supporter of the current government, I feel compelled to voice my disappointment over an issue impacting the everyday lives of countless Bhutanese citizens. The ESP loan program, designed to support Bhutanese businesses and aid economic growth, has instead become a significant source of frustration and disappointment. The lofty promises to empower small business owners, farmers, and entrepreneurs seem increasingly out of reach, straining public trust and painting a disheartening picture of the government’s pledge to support its people.

In towns and villages across Bhutan, discontent is growing. Many people who once believed in the ESP loan’s promise are now venting their frustrations in public and on social media, criticizing not only the government but also those who initially supported it. This disillusionment reflects poorly on the government, as it fails to deliver on its commitments to foster growth and improve lives. Such shortcomings not only undermine the government’s credibility but also leave those of us who believed in these promises feeling embarrassed. The urgency of this issue is now undeniable—the government must fulfill what it pledged during the election campaign.

The ESP loan was not introduced as a grand vision without consequences. It was a concrete promise meant to lift Bhutan’s economy by empowering its people. This is a matter of responsibility and accountability to honour those commitments, enabling citizens to pursue prosperity. The notion of collateral-free, low-interest loans generated considerable hope among Bhutanese, particularly those in low- and middle-income brackets. Yet, the reality of ESP loans has proved to be elusive, and the public’s reaction has been one of understandable dismay.

The loan’s framework has turned out to be cumbersome and vague. Though the government and financial institutions appear aware of the frustration, they have yet to provide concrete solutions or address criticisms meaningfully. Despite the outcry on social media and from various voices in public, the government’s reluctance to respond has rendered these concerns ineffective. The loan process remains entangled in bureaucracy and regulations that stand between Bhutanese citizens and the resources they need.

So, what steps is the government taking to resolve this? Is it treating these issues seriously, or are they dismissed as trivial complaints? And what role does the opposition play here? Both the government and opposition have a shared responsibility to address the public’s needs, particularly regarding economic empowerment. The lack of any decisive action raises a troubling question: can promises made to the public be disregarded without consequence?

As it stands, only 12 applicants have reportedly benefited from the ESP loan—a figure that’s dishearteningly low given the program’s potential impact. Applicants who remain in limbo are also Bhutanese citizens who deserve equal treatment and opportunity. I appeal to the government to grant loan eligibility to all applicants, including those who may have faced challenges in the past. Allowing citizens a chance to rebound and improve their businesses benefits not only individuals but also Bhutan’s broader economy.

The excitement surrounding the ESP loan’s introduction was genuine. A collateral-free loan with a 4% interest rate specifically aimed at small entrepreneurs, farmers, and other low-income groups was a ground-breaking initiative. However, the process has become mired in stringent conditions and requirements that defeat its original purpose. Among the primary obstacles are lengthy documentation procedures that discourage applicants, reluctance from banks to support individuals with less-than-perfect credit histories, as listed in the Credit Information Bureau (CIB) and burdensome stipulations, such as those in Article D, Section 15.2, which shift undue risk onto financial institutions and deter them from offering support.

Such barriers reveal a lack of alignment between the vision of the ESP loan and its execution. Instead of empowering individuals and fostering economic resilience, these requirements stymie progress and prevent the loan from reaching those who need it most. To remedy this, the government must take the necessary risks and streamline the process to make the ESP loan accessible to a broader cross-section of the population.

The government should consider the proposed business projects as de facto collateral, providing a basis for repayment should an individual be unable to meet their financial obligations. A Memorandum of Understanding (MoU) between the borrower, government, and financial institutions can formalize this process, ensuring accountability while protecting both parties’ interests.

The path forward is clear: ensure fairness and grant equal opportunities to all eligible applicants, regardless of previous financial challenges. Bhutan’s economy is currently facing the crippling effects of stifled small businesses. The ESP loan is the only substantial financial aid available to help create, expand, or rescue businesses and generate employment in the private sector. Supporting small business owners and entrepreneurs is crucial, as their success fosters national morale and growth. The government has a duty to make the ESP loan functional, free of unnecessary hurdles, and a true catalyst for economic resilience.

It is time for immediate action. The success of the ESP loan program could be a turning point for Bhutan’s economy and an emblem of trust between the government and its citizens. The potential for positive change is immense, but it requires that the government prioritize the needs of its people and deliver on the promises made.

Wangay, Bhangtar