Islamabad, Dec 7: According to Maryam Nawaz Sharif, the chief minister of Punjab, encouraging business and trade in the region will increase job prospects. The chief minister ordered the authorities to take action to provide interest-free small and medium loans to encourage business activity in the province on Saturday while chairing a meeting on the growth of small and medium businesses (SMEs) in Punjab.
For this reason, the CM ordered the introduction of the “Business Card” and “Chief Minister Easy Business Financing” schemes. The “Business Card” program allows medium-sized businesses to Loans between Rs 1 and Rs 10 lakh would be offered, while the “Chief Minister Easy Business Financing Scheme” will offer comparatively larger loans of up to Rs 03 Crore (30 million).
Additionally, she looked for a thorough plan for how small and medium-sized loans will be awarded under these programs. In large cities, the CM instructed them to designate distinct zones for small and medium-sized businesses. According to her, loans under the “Chief Minister Easy Business Financing Scheme” must be paid back within five years.
The borrower will also receive a three-month grace period following the initial loan installment. She also looked into a plan to give some commercial sectors special treatment when it came to loans. IT startups at Nawaz Sharif IT City would be eligible for discounted loans, according to CM Maryam Nawaz, who also announced that business cards will not be accepted for payment in ten establishments, including restaurants.
