Govt to provide soft loans to strengthen cottage industry


The Punjab govt has decided to introduce a soft loan programme which is envisioned to help promote the industrial sector, and especially the cottage industry facing severe shortage of resources. CM Punjab Usman Buzdar accorded approval for the initiation of the programme.

According to the details provided by the government Rs 300 million has been allocated by the Punjab government to start a loan programme on soft terms and conditions for the promotion of cottage industry in the province. A loan worth Rs 300,000 will be given along with the return period of three years and three months grace period.

Similarly, loan scheme worth Rs 6 billion will be started for small and medium-sized enterprises (SMEs). Under this scheme, loan amount up to Rs three million will be extended with a grace period of six months. Under Rs 3 billion has been allocated for the loan mark-up support programme under which texisting SMEs will also get loans on soft terms.

The chief minister directed that the loans disbursement process should be made transparent as well as speedy. Industries Minister Mian Aslam Iqbal, administrative secretaries, MD PSIC and others attended the meeting