General Information Regarding Prime Minster Small Business Loan.
General Information Regarding Prime Minster Small business Loan.
A General Information regarding Small business Loan.
Prime Minister Muhammad Nawaz Sharif on Monday said the government would support talented and unemployed youth of Pakistan to make them self-reliant. Chairing a meeting to review the Prime Minister’s Youth Programme here, he approved the Prime Minister’s Youth Business Loan Scheme under which 350,000 youth would be given loans. Under this scheme, 100,000 loans will be interest-free and 250,000 will be small business loans. The Prime Minister was apprised that the net beneficiaries from the Business Youth Loan Scheme would be about 10 million people hailing from the length and breadth of the country. He directed to ensure complete transparency and fairness in the process of loan disbursement and further said that “no political and administrative interference will be tolerated in the loan scheme.”
The Prime Minister said he would personally supervise and monitor the loan scheme so that the youth of the country gain maximum benefits from the scheme.
The small business loans scheme will provide loans to the unemployed youth, especially educated, looking for establishing or extending business enterprises. All Pakistani young men and women aged between 21 and 45 with entrepreneurial potential will be eligible for the scheme with 50 per cent quota reserved for women.
Under the supervision of State Bank of Pakistan, initially the National Bank and First Women Bank will execute the scheme while other banks may join in after approval of their respective business-plans.
Loans will range from Rs. 0.5 to 2.0 million with average loan size of Rs 1.25 million. The debt-equity ratio for these schemes will be 90:10 with tenure of seven years.(APP)