Punjab Chief Minister Maryam Nawaz Sharif has approves Assan Karobar Finance Scheme, an initiative designed to boost economic growth and support small and medium enterprises (SMEs) across Punjab. This program aims to create jobs, enhance exports, and provide financial assistance to businesses in all sectors, including agriculture. The scheme, which will be reviewed by the Punjab cabinet soon, is aligned with regulations set by the State Bank of Pakistan (SBP).
Read More: Benazir Kafalat Payments Increased to 13500
Table of Contents
Objective of the CM Approves Assan Karobar Finance Scheme
The primary goal of the Assan Karobar Finance Scheme is to empower entrepreneurs by providing financial assistance. It focuses on helping businesses establish operations, expand their reach, and modernize their infrastructure. The scheme also aims to address unemployment and boost economic development in Punjab. Entrepreneurs can use the funding for working capital, modernizing equipment, replacing old machinery, and leasing commercial logistics, ensuring sustainable growth in their operations.
Assan Karobar Finance Scheme Structure
The program is structured into two tiers based on the loan amount:
- Tier-1 Loans: Unsecured loans up to Rs5 million requiring only personal guarantees.
- Tier-2 Loans: Secured loans ranging from Rs5 million to Rs30 million.
The repayment period extends up to five years, with a grace period of six months for new businesses (Greenfield) and three months for existing businesses (Brownfield). Applicants must meet certain conditions, including being between 25 and 55 years old, having a clean credit history, and owning or renting a business location.
Read More: Sindh Govt to Launch Crop Insurance Program
Introduction of the Assan Karobar Card
The Punjab government has also introduced the Assan Karobar Card to provide small entrepreneurs with interest-free loans of up to Rs1 million. This card facilitates digital transactions through platforms like mobile apps and point-of-sale systems, ensuring funds are used for business purposes.
The loans offered through the card have a tenure of three years, with a grace period of three months. This initiative is expected to benefit over 100,000 small businesses across the province, providing them with the necessary financial tools to grow and thrive.
Additional Incentives
The scheme includes several incentives to ensure the success of entrepreneurs:
- Capital Subsidy: Up to Rs5 million for solar equipment and cleaner production technologies.
- Non-Financial Support: Advisory services to guide businesses in decision-making.
- Industrial Estates Development: Establishment of new industrial zones in key areas like Sialkot, Gujrat, and Quaidabad.
A special focus is being placed on the tannery sector in Sialkot, with plans to relocate tanneries to a dedicated Tannery Zone. This move will reduce water pollution and improve the quality of leather exports, creating a positive impact on the local economy.
Read More: Kisan Card Registration at Home
Future Expansion
Looking ahead, the government plans to launch Phase-II of the scheme in the next fiscal year (2025-26) with a budget of Rs100 billion. This phase will benefit approximately 24,000 SMEs and disburse loans worth Rs379 billion. By expanding its scope, the Punjab government aims to further strengthen the province’s economic foundation and support long-term growth.
Contact Information
For more details or assistance regarding the Assan Karobar Finance scheme, you can reach out through the following channels:
- Email: contact@karobarcard.pk
- Helpline: 051 – 111 962 962
These contact points are available to provide guidance on the application process, eligibility requirements, and any other inquiries related to the scheme.
By offering financial support and additional incentives, the Assan Karobar Finance scheme aims to create a robust ecosystem for SMEs to thrive, contributing to economic growth and job creation in Punjab.
Conclusion
The Assan Karobar Finance Scheme is a transformative initiative that provides financial aid, technical expertise, and modern infrastructure to small and medium enterprises in Punjab. With its focus on interest-free loans and additional incentives, the scheme is expected to reshape the entrepreneurial landscape, creating opportunities for businesses to flourish. This program reflects the Punjab government’s commitment to fostering economic growth and improving the livelihoods of its citizens.
Read More: Approves Rs 62bn for Apni Chhat Apna Ghar