Punjab introduces ‘Karobar Card’ loan scheme for small businesses

The Punjab Government has announced the launch of the ‘Karobar Card’ Scheme aimed at promoting small businesses. The decision was made during a meeting in Lahore on Saturday, chaired by Chief Minister Maryam Nawaz. Under the scheme, loans ranging from Rs100,000 to Rs1 million will be provided to eligible small business owners. Additionally, the government introduced the ‘Chief Minister Aasan Karobar Financing Scheme’ to support medium-sized businesses. This scheme will offer loans of up to Rs 30 million, repayable over five years. (adsbygoogle = window.adsbygoogle || []).push({}); The Chief Minister emphasised that these initiatives would create employment opportunities and foster growth in the province’s business and industrial sectors. Separately, Punjab Chief Minister Maryam Nawaz Sharif has said that promoting trade and industry in the province will enhance employment opportunities. Chairing a meeting on small and medium enterprises (SMEs) development in Punjab, here on Saturday, the CM directed the authorities to take measures for the grant of interest-free small and medium loans to promote commercial activities in the province. The CM ordered introducing ‘Business Card’ and ‘Chief Minister Easy Business Financing’ schemes for the purpose. Under the ‘Business Card’ scheme, medium business (adsbygoogle = window.adsbygoogle || []).push({}); loans ranging from Rs 1 to 10 lakh will be given, whereas relatively bigger loans of up to Rs 03 Crore (30 Million) will be provided under “Chief Minister Easy Business Financing Scheme. She also sought a comprehensive plan for the award of small and medium loans under these schemes. The CM directed them to allocate separate zones for small and medium industries in big cities. She said loans will have to be repaid in 5 years under the “Chief Minister Easy Business Financing Scheme. A grace period of 3 months will also be given to the borrower after receiving the first loan instalment. She also reviewed a proposal to provide loans on preferential basis to selected commercial sectors. CM Maryam Nawaz informed that Business Card will not be used for payment in 10 areas including restaurants, saying that IT startups in Nawaz Sharif IT City will be able to get preferential loans. Moreover, on the invitation of International Development Department of the ruling Communist Party of China (CPC), Chief Minister Punjab Maryam Nawaz Sharif will leave for China tomorrow on an 8-day (8-15 December) official visit. A 10-member high-level delegation including Senior Provincial Minister Marriyum Aurangzeb will accompany the Chief Minister on the visit, said a handout issued here on Saturday. Special arrangements have been made for Chief Minister Maryam Nawaz Sharif’s visit to Beijing, Shanghai, Shenzhen and Guangzhou. The Chief Minister will meet Mr Liu Jianzhou, Minister of International Department of CPC. Deputy Minister Ms. Sun Haiyan will host a luncheon in her honor. She will also meet the central leadership of CPC, including Minister of Environment. Chief Minister Maryam Nawaz Sharif will visit Shijiazhuang Hospital, and will be briefed on the public health system in China. She will also visit Beijing Municipal Commission of Transport, the Science Park, environmental improvement technology, IT and institutions related to the use of modern scientific methods. The CM will participate in the exhibition of imported goods, visit the CPC Central Congress and the museum. She will also visit a primary school, and will be briefed on the education system in China. Punjab China Dinner and Punjab Investment Conference are also included in the visit schedule. CM Maryam Nawaz will visit the Jiangdong Renewable Energy Facility, and review the renewable energy system of China. She will also visit the Hawaii Technologies Factory. Discussions are also scheduled on increasing mutual cooperation between China’s ruling party and Pakistan Muslim League Nawaz (PML-N), besides a discussion on increasing mutual cooperation and economic ties between China and the government of Punjab.