Prime Minister small Business Loans Scheme 2013: Prime Minister small Business Loans Scheme 2013 for unemployed educated youth.How to apply for Prime Minister small Business Loans Scheme ???
Prime Minister of Pakistan Mian Muhammad Nawaz Sharif has announced small Business Loans Scheme for unemployed educated youth to make a new Pakistan.100, 000 loans would be distributed under this scheme. Small Business Loans Scheme will focus on unemployment educated youth to establish new enterprises.
How to Apply and Registration Process
You can apply in Prime Minister small Business Loans Scheme as per eligibility criteria given below. All arrangements for the starting of these programs have been completed. The Small Business Loan program will be given on merit basis.
Therefore, only eligible people should apply for this. Government of Pakistan will announce the registration procedure will the application form after 3rd October 2013 and be registered soon.
Prime Minister Small Business Loans Scheme 2013 Criteria
An individual, male or female has a potential to work and of age not more than 35 years is eligible to apply for Prime Minister small Business Loans Scheme.
Focus on Women
The increased economic participation of women can play a significant role in the national development. Therefore, 50% of the loans will be given to the female borrowers.
A 90:10 debt-equity ratio would be followed with tenor of up to 7 years.
Prime Minister small Business Loan is fixed at 8% for the borrower. The difference in the cost will be paid by the Federal Government at KIBOR+500 bps.
The State Bank of Pakistan shall provide 50% refinance at the risk of participating banks.
Government will share 50% of losses up to a maximum of 10% of the loan amount.
Number of Loans
100,000 loans would be distributed under the scheme.
Size of Loan
The amount of each loan range is from Rs.0.5 million to Rs. 2.0 million.
Average Loan size
The average loan size would be Rs.1.25 million.
Allocation in Budget 2013-14
Rs.5 billion have been allocated in the budget for the financial year 2013-2014.
In the initial stage of the scheme, the National Bank of Punjab and First Women Bank would act as the executing agencies of the scheme under the guidance and supervision of the State Bank of Pakistan. Other Banks also encouraged joining this.
Sectors and Products
The scheme covers all sectors of the economy. Standardized schemes/projects/ undertakings will be designed by SMEDA. Additionally, projects designed by private sector service providers and individuals are included in the scope of the scheme.
Note: Application Forms will be Posted After October 10, 2013
You can also apply for the Prime Minister small Business Loans by www.hamarailm.com.
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