‘New loan scheme for SMEs to be started’

LAHORE: The first meeting of the Provincial Council on SMEs was held under the chairmanship of Provincial Minister for Industry and Commerce, Chaudhry Shafay Hussain.

The meeting made several key decisions aimed at promoting small and medium-sized enterprises (SMEs). Managing Director of Punjab Small Industries Corporation, Saira Umar, gave a detailed briefing on actions and strategies being taken to support SMEs.

During the meeting, it was decided to start a new loan scheme with easy terms for SMEs. This scheme, to be advanced in partnership with banks, will provide easy loans to promote solar energy in small industrial estates. Additionally, a new programme aimed at enhancing business skills for women investors was approved. Under this programme, with the support of the Asian Development Bank, Women Resource Centres will be established in Faisalabad, Multan, Rawalpindi, Gujranwala, and Sialkot, following the Lahore model. The meeting also decided on the full digitisation of the Punjab Small Industries Corporation. It was agreed to accelerate work on the Provincial SMEs Plan 2024 in line with the National SME Policy 2021.

Addressing the meeting, the minister emphasised the significant role of SMEs in economic growth, stressing the need for collective efforts to advance small and medium-sized businesses.