New SMEs Strategy Launched by the Government Providing Collateral-Free Loan Facility
Wednesday in Islamabad, the government unveiled its new Small Medium Business (SMB) plan for 2021–25. (December 15th). According to news accounts, it provides unsecured loans to five million businesses. Under the new order, small and medium-sized enterprises would receive up to 10 million rupees in unsecured loans for registration, tax simplification, credit access, and land provision.
According to policy documents, the credit facility assists one of the largest contributors to gross domestic product (GDP) by up to 40 percent and accounts for 25 percent of the export industry. The government has established a credit line of 30 billion rupees for SME loans and prepayments. In this regard, the government separates the SME sector into three risk-based categories: low risk, medium risk, and high risk.
Depending on the category to which they belong, all small enterprises have access to various forms of finance. Minister of Industries and Production Khusro Bakhtiar stated, when presenting the policy, that it has numerous provisions to minimize the cost of doing business and the time required to start a business. Included in this are the Zero Time to Startup Policy and Inspector Less Inspection Regime.
The former policy does not require a No Objection Certificate (NOC), but the later plan restricts inspector harassment in order to simplify the business’ operations. The Federal Cabinet was rumored to have accepted the instruction, but the Ministry of Industry and Production will issue a final notification within a few days.
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