Women are central to this growth paradigm, Governor State Bank said
State Bank of Pakistan (SBP) has launched “Refinance and Credit Guarantee Scheme for Women Entrepreneurs in Underserved Areas”.
The loan scheme will be offered with 0% refinance rate and 60% risk coverage for small businesses.
Governor State Bank of Pakistan (NBP) Mr. Tariq Bajwa, addressed the launching ceremony in Quetta, Balochistan.
Mr. Tariq Bajwa reiterated State Bank is committed towards sustainable and inclusive economic growth across Pakistan.
Governor State Bank further added that, “This scheme is an affirmative action by the State Bank to encourage the flow of funds to small enterprises run by women in underserved areas of Pakistan. The scheme earmarks, at least 20% of funds for Balochistan”.
He termed that “Women are central to this growth paradigm” and expressed his firm hope that banks will make all out efforts in making the scheme a success.
He also told the banks that State Bank will monitor the progress of the scheme closely.
The salient features of the scheme are as follow:
- This facility is for women entrepreneurs in underserved areas of the country for setting up of new businesses or expansion of existing ones
- SBP will provide refinance to banks at 0%.
- Maximum financing amount is Rs 1.5 million.
- Maximum financing period is 5 years with grace period of up to 6 months.
- End user rate is 5% which is locked in for financing period.
- 60% risk coverage is available against outstanding principal.