LAHORE (City News) – Chief Minister of Punjab Sardar Usman Buzdar Thursday inaugurated Rs30 billion worth Punjab Rozgar Scheme to provide loans for starting small scale business in the province.
During the inauguration ceremony, Usman Buzdar said that the purpose of the scheme is to provide soft loans to educated and skilled youth in collaboration with Bank of Punjab (BOP). Complete process has been simplified.
Usman Buzdar said that along with men and women, transgender persons can also avail the easy loans facility.
Under the scheme soft loan up to one crore rupees will be provided for rehabilitation of corona affected businesses or to start new ventures.
Individuals between the age of 20 to 50 can apply for the loans by submitting application fee of Rs2000 (non-refundable).
What is Punjab Rozgar Scheme
Punjab Rozgar Scheme, a initiative of Government of the Punjab designed with the total cost of Rs. 30,000.00 million (Rs. 30 billion) to provide subsidized credit facilities to the micro, small and medium (MSMEs) startups and existing business in collaboration with Commercial Banks.
Government of the Punjab will provide Markup Support and Risk Coverage to minimize cost of commercial loans for the MSMEs, and to overcome pandemic effect of COVID-19 on existing business.
Punjab Rozgar Scheme has been designed with special focus on generating employment opportunities for the youth by creating economic activities. University Graduates with Entrepreneurial Skills and Diploma / Certificate holders of Technical / Vocational Training Institutes, as well as existing businesses hit by COVID-19 will be considered.
Target Group of the scheme
1.University/College Graduates with entrepreneurial skill
2.Diploma/Certificate holder from TVET having technical/vocational training.
3.Artisans and skilled workers
(However, preference will be given to existing businesses in wake of the current COVID-19 pandemic)
5.Micro and other enterprises that apply for a loan to adopt resource-efficient and cleaner production technologies or any Green / Environment-friendly intervention to improve the environmental performance of their operations.
The following eligibility criteria will be adhered to process the loans under Punjab Rozgar Scheme:
Age: 20 to 50 years
Gender: Male / Female / Transgender
Resident: Citizen of Pakistan, Resident in Punjab, verified through CNIC
Business Location: Punjab
Business Type: Sole Proprietor, Partnership, or any business fulfilling other eligibility criteria
Must have a clean e-CIB / Credit History
For startups / new businesses
Having a viable business plan
For existing businesses
Having a viable business plan with a focus to sustain the impact of COVID-19
Having Valid CNIC
Any other parameter to be set by Punjab Small Industries Corporation (PSIC) / Government