Govt announces expansion of PM Youth Loan scheme to assist business ventures

ISLAMABAD: The Prime Minister’s Youth Loan Scheme has just gotten a major boost, with the government announcing its expansion to provide financial assistance for business ventures and laptop purchases.

Under this expansion, financial help would be available to businessmen, as well as those seeking to acquire a laptop. This new development was announced by the Special Assistant to the Prime Minister for Youth Affairs, Rana Mashhood Ahmed Khan, who revealed that an official notification from the State Bank of Pakistan (SBP) confirmed the expansion of the scheme. 

This program, under which students between 18 and 30 years of age who are enrolled in institutions approved by the Higher Education Commission can now apply for a laptop loan, is a big opportunity for the youth to have access to the technology that they need to succeed.

However, that’s not all; the scheme has also been extended to support young people who seek employment abroad. To these individuals planning to work overseas, loans can go up to a maximum of Rs1 million. These would surely help with the training, visa, and travel costs.

Rana Mashhood emphasized that the government is committed to creating more opportunities for the youth, and it’s clear that they’re putting their money where their mouth is – over Rs186 billion in loans have already been disbursed under the Prime Minister’s Youth Loan Scheme to empower young individuals nationwide.

Just a few weeks ago, Prime Minister Shehbaz Sharif directed an increase in the loan amount under the Youth Program from Rs 500,000 to Rs 1.5 million, which is a significant increase that will surely make a big difference in the lives of young entrepreneurs.

 During a review meeting on small and medium-sized businesses conducted in Islamabad, the Prime Minister directed a detailed survey to be completed soon to facilitate businesses and make the facilities being provided to small and medium-sized businesses meet international standards.

He also asked that a package for women entrepreneurs in small-scale businesses be designed and presented very soon, a great step to promote entrepreneurship and empower women.