In a significant move to stimulate economic growth and support small and medium enterprises (SMEs) in Punjab, Chief Minister Maryam Nawaz Sharif has announced the introduction of an interest-free business loan scheme. This initiative aims to enhance commercial activities and create employment opportunities across the province.
During a recent directive to relevant authorities, CM Maryam emphasized the importance of promoting trade and industry in Punjab. The new loan scheme will include two main components:
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Business Card Scheme: This initiative will provide medium business loans of up to Rs1 million to eligible entrepreneurs, facilitating access to necessary capital for business expansion and operations.
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Chief Minister Easy Business Financing Scheme: Under this scheme, larger loans of up to Rs3 crore will be available to support more substantial business ventures.
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Loan Repayment Terms
The Chief Minister outlined that loans under the “Chief Minister Easy Business Financing Scheme” will be repayable over a period of five years, with a three-month grace period granted after the first loan installment is disbursed. This structure is designed to ease the financial burden on borrowers and encourage timely repayments.
Additional Measures
In her address, CM Maryam also directed the establishment of separate zones for small and medium industries in major cities, aiming to create a conducive environment for business growth. Furthermore, she reviewed proposals to provide preferential loans to selected commercial sectors, ensuring that the most impactful industries receive the necessary support.
Restrictions on Loan Usage
It is important to note that the Business Card will not be applicable for payments in certain sectors, including restaurants, to ensure that the funds are utilized for productive business activities.
Support for IT Startups
In a bid to foster innovation, CM Maryam announced that IT startups located in the Nawaz Sharif IT City will be eligible for preferential loans, further promoting the growth of the technology sector in Punjab.