2 more schemes for small businesses: Hamad

RAWALPINDI: Federal Minister for Industry and Production Hamad Azhar has said that two more new schemes are being introduced for small businesses.

The government is well aware of the challenges being faced by the SMEs. A scheme is being introduced in collaboration with State Bank of Pakistan (SBP) under which up to 40% liquidity (capital) will be provided to businesses on two million turnover. Ministry is also working on another scheme to provide interest free grants to small businesses.

Addressing a meeting via video conference at the Rawalpindi Chamber of Commerce and Industry (RCCI), the minister said that a package of Rs50 billion has been announced for small businesses under which rebates are being given in electricity bills. The minister welcomed the suggestions of RCCI and assured to consider them in upcoming budget where it sought immediate concessions for tourism, hospitality, gems & jewellery, CNG, healthcare, and education sector. An interest free loan scheme (Qarz-e-Hassna) is also being introduced for SMEs, said minister.

Speaking on this occasion, RCCI President Saboor Malik demanded to minimise the documentation required for wages refinance scheme to facilitate the small traders. The interest rate should be brought down further while the markup on loans under the refinance scheme on wages should be abolished.