PM Shehbaz increases loan limit for small businesses to boost innovation & entrepreneurship

ISLAMABAD: The federal government of Pakistan focused on creating an environment that encourages innovation and job creation and has now increased the loan amount of the Prime Minister Youth Program for small businesses from Rs. 5 lakh to Rs. 1.5 million.

As per the details, this move comes as part of the government’s ongoing efforts to promote entrepreneurship, especially among youth and women, and support the growth of 242 million small and medium enterprises (SMEs) across the country.

The meeting, chaired by Prime Minister Shehbaz Sharif, focused on the development of small businesses. The prime minister, along with other officials, reviewed the government’s progress in providing support to small businesses and discussed measures to make the process more convenient for entrepreneurs.

In his remarks, the prime minister called for bringing support for SMEs in line with international standards and directed that the facilities provided to these businesses be designed according to successful models from developed countries.

He called for the early completion of a comprehensive survey to assess the needs and challenges of SMEs, which will help improve the government’s approach to supporting small businesses.

The Prime Minister further directed that work be done on a special package tailored for women entrepreneurs in small-scale businesses, ensuring that they have access to financial support and resources to scale up their businesses.

Reiterating their important role in boosting the country’s exports and creating employment opportunities, he said that empowering youth and women entrepreneurs would not only help them secure their own livelihoods but would also help in creating additional employment opportunities.