The Punjab government has approved the Asan Karobar Finance Scheme to promote economic growth and support small and medium enterprises (SMEs) in the province. Announced during a provincial cabinet meeting chaired by Chief Minister Maryam Nawaz, this program is a major step towards empowering entrepreneurs and boosting the economy.
Key Highlights of the Asan Karobar Finance Scheme
- Interest-Free Loans: Entrepreneurs can access loans up to Rs30 million to start or expand their businesses.
- Target Sectors: The scheme supports various industries, including agriculture.
- Economic Goals: The program aims to create jobs, boost exports, and drive economic development.
- Digital Financing: A digital system ensures that funds are used for legitimate business purposes.
- Additional Incentives: Includes capital subsidies for solar equipment, cleaner production technologies, and new industrial estates.
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Eligibility Requirements
To qualify for the Asan Karobar Finance Scheme, applicants must meet the following conditions:
- Age Limit: Applicants must be between 25 and 55 years old.
- Credit History: A good credit record is mandatory.
- Business Premises: Applicants should either own or rent the premises where the business operates.
Loan Repayment Terms
The repayment terms are flexible and designed to support business growth:
- Repayment Period: Up to 5 years.
- Moratorium Period:
- 6 months for new businesses.
- 3 months for existing businesses.
Punjab CM Asan Karobar Card
This program also introduces the Punjab CM Asan Karobar Card, a digital initiative to assist small businesses. Key features include:
- Loan Amount: Interest-free loans of up to Rs1 million.
- Loan Period: Up to 3 years.
- Grace Period: 3 months.
- Target Beneficiaries: Over 100,000 small businesses are expected to benefit.
Additional Incentives for Entrepreneurs
The Asan Karobar Finance Scheme offers several other benefits:
- Solar Equipment Subsidy: Up to Rs5 million for solar installations.
- Cleaner Technologies: Financial support for environmentally friendly production methods.
- Industrial Estates: New estates planned for key areas like Sialkot, Gujrat, and Quaidabad.
Special Initiatives
- Tannery Zone in Sialkot: Relocating shoe tanneries to a special zone to reduce water pollution and improve leather export quality.
- Phase-II Expansion: Plans for a broader second phase with a Rs100 billion budget, set to launch next fiscal year.
How do you apply for the Karobar Financing Programme?
The application process for the Asan Karobar Finance Scheme will begin soon. Eligible individuals should prepare the required documents and stay updated on announcements.
The Asan Karobar Finance Scheme by CM Maryam Nawaz is a significant initiative aimed at uplifting small businesses and fostering economic prosperity in Punjab. Entrepreneurs are encouraged to prepare for the application process and leverage this opportunity to achieve their business goals.