CM Punjab announces interest-free business loan scheme

LAHORE: Chief Minister Punjab Maryam Nawaz Sharif directed the authorities to take measures for the grant of interest-free loans to boost commercial activities and SMEs in the province.

“We will increase employment opportunities by promoting trade and industry in Punjab,” she said.

CM Maryam directed authorities to introduce ‘Business Card’ and ‘Chief Minister Easy Business Financing’ schemes.

Under the ‘Business Card’ scheme, medium business loans ranging up to Rs1 Million will be given, whereas relatively bigger loans of up to Rs 3 crore will be provided under the “Chief Minister Easy Business Financing Scheme.”

She sought a comprehensive plan for the award of small and medium loans under these schemes.

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Chief Minister directed the relevant authorities to allocate separate zones for small and medium industries in big cities.

She stressed that loans will be repaid in five years under the “Chief Minister Easy Business Financing Scheme.” adding, that a grace period of 03 months will also be given to the borrower after receiving the first loan instalment.”

Maryam Nawaz also reviewed a proposal to provide loans on a preferential basis to selected commercial sectors.

Chief Minister further said the Business Card will not be used for payment in 10 areas including restaurants, adding, that IT startups in Nawaz Sharif IT City will be able to get preferential loans.”