The Punjab government has announced a new plan to provide interest-free loans to small and medium businesses. The goal is to create more jobs by boosting trade and industry in Punjab. Chief Minister Maryam Nawaz Sharif said that this initiative will help improve business activities in the province.
The new plan includes the Chief Minister Aasan Karabar Financing Scheme, which will offer loans of up to 30 million rupees to medium-sized businesses.
Punjab Govt to launch ‘Karobar Card’ Scheme
Under the Business Card Scheme, loans ranging from 100,000 to 1 million rupees will be available to smaller businesses. There will also be bigger loans for larger businesses. The loans will be repaid over five years, with a three-month grace period after the first loan installment.
The government also plans to create special zones in major cities for small and medium industries to help business growth. Chief Minister Maryam Nawaz Sharif has directed officials to create a detailed plan for giving out these loans.
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The Business Card Scheme will not apply to all sectors. For example, businesses like restaurants will not be eligible for these loans. However, IT startups based in Nawaz Sharif IT City will get special benefits and better loan terms under the scheme.
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The Chief Minister emphasized that loans under the “Chief Minister Easy Business Financing Scheme” will be repaid within five years. Borrowers will also receive a three-month grace period after the disbursement of the first loan installment.
Punjab Government’s Initiatives
Last week, Chief Minister Maryam Nawaz Sharif introduced several programs to provide relief and support to the people of Punjab. Among these, the loan scheme prioritizes IT startups in the Nawaz Sharif IT City, ensuring they receive funds on a priority basis. However, the financing card cannot be used in specific sectors, including restaurants.
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Additionally, a proposal to prioritize loans for selected commercial sectors was discussed. The Chief Minister highlighted that the scheme aims to create employment opportunities and boost the business and industrial sectors in the province.
Key Features of the Karobar Card Scheme
The Karobar Card Scheme is designed to help small business owners overcome challenges, especially limited access to credit. It empowers entrepreneurs to grow their businesses and strengthen the provincial economy.
Financial Assistance for Small Businesses
- Offers loans from Rs 100,000 to Rs 1 million for small-scale entrepreneurs.
- Provides an easy and simplified loan application process.
- Supports both new startups and existing businesses.
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Positive Impact on Small Businesses
- Boosts entrepreneurship by addressing financial limitations.
- Encourages innovation through resources for growth and experimentation.
- Strengthens the regional economy by increasing business activity.
Karobar Card Scheme Loan Step-by-Step Guide to Apply Online
- Gather Required Documents
- CNIC (National Identity Card)
- Proof of monthly income
- Property ownership details
- Visit the Official Website
- Open http://acag.punjab.gov.pk
- Create an Account
- Register using your CNIC, phone number, email address, and home address.
- Complete the Application Form
- Enter your personal details.
- Upload your CNIC (front and back) and a recent passport-sized photo.
- Review Your Information
- Carefully check all details before submitting.
- Submit Your Application
- Submit the form and wait for verification by the Punjab Government.