Allocation of Rs10b subsidised credit facility

LAHORE (INP): President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Sunday said allocation of Rs 10 billion subsidised credit facility of Rs 10 billion under Punjab Rozgar scheme is poised to strengthen, promote and fully encourage micro,small and medium enterprises startups and off set impact of covid pandemic on existing business.

Talking to a delegation of young entrepreneurs led by Shaharyar Ali, he asked them to avail this one of the best subsidised credit facility which he added is excellent and timely result oriented initiatives for setting up of news business.

MD Punjab Small Industries Corporation (PSIC) Jamil Ahmad Jamil in a presentation given to President SAARC Chamber about this loan told that PSIC is mandated to promote small scale and cottage industries by providing credit, issuance of credit guarantee to the scheduled banks, access to develop infrastructure, business advisory services, marketing channels, common facilities, establishing artisans colonies, design centres, workshops, institutions for promotions and development of handicrafts.

MD further explained that it’s flagship initiative of Chief Minister Punjab Umsan Buzdar and government is providing markup support and risk coverage to minimize cost of commercial loans for the MSMEs, and to overcome pandemic effect of COVID-19 on existing business.

He said Punjab Rozgar Scheme has been designed with special focus on generating employment opportunities for the youth by creating economic activities. He said University Graduates with Entrepreneurial Skills and Diploma/ Certificate holders of Technical/Vocational Training Institutes,as well as existing businesses hit by COVID-19 are being fully encouraged for disbursement of loans. He said nearly more than 60000 MSMEs are likely to benefit which will generate over 1.6 million direct and indirect jobs.

He said that on the special directive of Minister Industries Punjab Mian Muhmmad Aslam Iqbal, a special cell headed by a senior officer has been established at PSIC headquarters to expedite the process of applications on top priority without any hassles and hitches.He said nearly 3500 complete applications in all respects have so far been forwarded to bank for prompt disbursement of loans.

Iftikhar Ali Malik thanked MD for giving detailed presentation and assured him full cooperation of entire business community.

He said that all small chambers and trade bodies will also be mobilised to circulate this scheme to their members for taking full benefits of generous offer of Punjab government.