LCCI hails SBP’s SME Asaan Finance scheme

Staff Reporter BOL News

16th Aug, 2021. 08:46 pm

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has welcomed the State Bank of Pakistan’s (SBP) initiative of “SME Asaan Finance” scheme aimed at improving the access of Small and Medium Enterprises to banking finance, a statement said on Monday.

The SBP initiative, launched in collaboration with the federal government, will enable the SMEs to get access to banking finance without collateral.

LCCI president Mian Tariq Misbah, senior vice president Nasir Hameed Khan and vice president Tahir Manzoor Chaudhry said that the scheme would enable the eligible SMEs, who could not offer security/collateral, to get access to the banking finance.

They said the refinance and credit guarantee facility has been developed through a wide-ranging consultative process with the stakeholders, including trade bodies.

They also said the SME sector was contributing 40 per cent to GDP and 25 per cent in export earnings. Despite contributing a lot in Pakistan’s economy, the SMEs were getting only 6.6 per cent of the total private sector credit. They expressed the hope that the scheme would help enhance the share of the SMEs in bank finance.

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