FAISALABAD: A dynamic and proactive SME (Small and Medium Enterprises) sector is imperative to give a quantum jump to national economy and in this connection State Bank of Pakistan (SBP) has doubled the loan allocation for this sector from 8 to 16percent, said Muhammad Ali Akbar Deputy Chief Manager SBP Faisalabad.
He was addressing an awareness session organized by Faisalabad Women Chamber of Commerce & Industry (FWCCI) to educate, inform and sensitize its members to further expand their businesses by availing from this facility offered by the SBP. Ali Akbar said that share of SME sector in national gross domestic product (GDP) was currently 30percent which could be easily doubled by increasing the loans for this sector. He specifically mentioned the schemes introduced to facilitate the female entrepreneurs and said that in some cases loans would be provided at zero mark-up, however, maximum 6percent markup would be charged by commercial banks under the lines provided by the SBP.
He said the State Bank had issued directions to the commercial banks to achieve maximum targets of extending loans facilities to female entrepreneurs. He said that in underserved areas of the country, the women may get small loans up to 1.5 million with zero mark-up.
“The period of this loan will be 5 years,” he added. Under another schemes the female entrepreneurs could get loans up to Rs 50 million with maximum mark-up of 6percent. The period of the scheme would be 1 year”, he added.
He further said that applications under these schemes would be disposed of positively within 15 and 25 days.
He said the State Bank was expecting that this would help in increasing the numbers of SME units from existing 100,000 and 70 thousands to 5 lakhs up to 2020.
He said that these schemes will have positive impact on our national economy as induction of female entrepreneurs will give a new impetus to the national growth rate. He said that up till now 150 awareness seminars have been organized while 7 sessions was held in Faisalabad alone.
Ali Akbar urged the FWCCI members to avail from this facility in addition to convincing new young and educated girls to enter into this field to earn respectable living in addition to contributing their role in national economy.
