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SBP issues procedure for obtaining loans under Kamyab Jawan SME Lending Program

SBP issues procedure for obtaining loans under Kamyab Jawan SME Lending Program

KARACHI: State Bank of Pakistan (SBP) issued procedure for obtaining loan under Prime Minister’s Kamyab Jawan SME Lending Program.

In a letter addressed to all banks, the SBP said on Thursday that small enterprises stimulate economic growth by providing employment opportunities, fostering innovation and reducing income inequalities.

Lack of adequate financing facilities from formal sources is one of the key challenges faced by the small enterprises and youth entrepreneurs. Government of Pakistan is cognizant of this situation and is fully committed to enable youth to avail affordable financing from banks for establishing new business or strengthening their existing business.

In order to provide self-employment opportunities to unemployed youth, Government of Pakistan is launching Prime Minister’s Kamyab Jawan SME Lending Program across the country.

Government of Pakistan shall provide mark-up and credit loss subsidy on small business loans in the range of Rs100,000 to Rs. 5,000,000 disbursed by banks under the program.