Union of Small and Medium enterprises urges Prime Minister to restart the Prime Minister’s Youth Loan
Karachi, December 24, 2018 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) has urged Prime Minister ( PM) Imran Khan to restart the Prime Minister’s Youth Loan under his poverty alleviation program as the scheme is beneficial to youth and the under privileged sector.
UNISAME experts also urged the government to allow financing against dollars. The dollars which are stacked in lockers and safe deposits in banks and houses could be used as collateral for financing rather than remain as blocked currency. The depositors who do not wish to part with their dollars can deposit it in their accounts and avail rupee finance against it. The lockers in bank are stacked with dollars and the business community needs assurance that no questions will be asked on depositing it in foreign currency accounts like in the past
President UNISAME Zulfikar Thaver and the Union committee also discussed the SME access to finance with National Bank of Pakistan senior vice president Mubashir Ahmad, vice president, Ajmal Habib and Khurram Tanveer head of SME banking department at a meeting at UNISAME House.
They appreciated the role of NBP in SME financing and said the sector expects the NBP to cover every aspect of financing and also to develop new products. The UNISAME experts in SME financing namely Asif Hyatt, Asif Vohra, Atiqua Vally, Abdul Rahman Baig, Tahira Baig, Beerbal and Zaffar Abbas suggested franchise financing to promote franchises of popular domestic brands in food, clothing, fashion, leather and electronic goods and also other businesses.
The SMEs are in need of financing for projects, for bridge financing, for farming, mining, start-ups, training centres, clinics and financing for hospitals and schools the union experts elaborated. They also sought prompt disposal of financing under Sindh Entrepreneurs Development Fund (SEDF) where the Kibor mark-up is paid by the fund.
Thaver said it is important that modern concepts are adopted and appreciated the role of State Bank of Pakistan (SBP) in introducing warehouse receipt financing and collateral management. He appreciated the pioneering efforts of NBP in PMYL and informed the participants that the Union has urged PM Imran Khan to restart it.
Mubashir Ahmad SVP Product and Policy department whilst appreciating the role of UNISAME for creating awareness, identifying the impediments and suggesting remedies expressed thanks for all these efforts and contributions in employment generation and economic development through SMEs focussed policies and their sustainable growth.
He said NBP is already financing the requirements of the sector and invited the SMEs to come to NBP with their requirements for finance and assured prompt support for all viable applications. The officials of NBP offered to facilitate the SMEs in all possible ways with an open mind for new products under their risk management system.
For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Cell: +92-300-8245307, +92-321-8245307
Category: General Business News