SMEDA makes loan acquisition easier for SMEs
The Small and Medium Enterprises Development Authority (SMEDA), in partnership with the State Bank of Pakistan (SBP) and the Pakistan Banks Association (PBA), has unveiled a streamlined SME Loan Application form.
This initiative, directed by the Prime Minister of Pakistan, was presented at a seminar hosted by SMEDA at a local hotel. Key speakers at the event included Socrat Aman Rana, CEO of SMEDA, Najam-us-Saqib, Additional Director of SBP, Ms. Aasia Sail, Member of the PM Steering Committee on SME Development, Munir Kamal, CEO/Vice Chairman of PBA, along with representatives from Faysal Bank, JS Bank, and Bank of Punjab. The seminar saw active participation from banking industry stakeholders, chambers of commerce, and trade associations across the country.
Read More Number
of active SMEs in Pakistan reaches 5.2 million
In his closing remarks, CEO SMEDA Socrat Aman Rana emphasized the pivotal role SMEs play in the national economy. He noted that despite their significance, SMEs often struggle with accessing formal financing due to the cumbersome application processes and limited financial literacy.
The collaboration between SBP, PBA, and SMEDA aims to simplify these processes, making it easier for SMEs to secure funding. The newly introduced simplified loan application form marks a crucial step in this direction. Rana assured that SMEDA, with support from the PM Steering Committee on SMEs, SBP, PBA, and the Ministry of Industries and Production, is committed to fostering rapid and sustainable SME growth through initiatives like capacity building, training programs, and financial assistance schemes.
Read More SME
Bank faces imminent closure
Najam-us-Saqib, Additional Director of SBP, highlighted the improvements in the new loan form, which simplifies data entry and reduces paperwork, thereby speeding up the loan application process. He expressed optimism that these changes would not only facilitate SMEs but also benefit banks by streamlining their approval processes.
Ms. Aasia Sail praised the dedication of SMEDA’s leadership in promoting SME growth and applauded the Prime Minister's prioritization of the SME sector. She called for targeted efforts to integrate women into the business sector, thereby enhancing their contribution to the country's economic development.
Read More Central
Bank governor urges banks to strengthen support for agriculture and SMEs
Munir Kamal, CEO/Vice Chairman of PBA, stressed the need for Pakistan to focus its economic development on the SME sector, similar to its neighboring countries. He advocated for the enhancement of SMEDA to align with international development organizations.
The business community and banking sector representatives expressed their appreciation for SMEDA’s efforts to simplify the loan application process, anticipating that it would boost SME financing and unlock new growth opportunities for enterprises. They committed to implementing the new application process to support the sustainable growth of SMEs.
Source: The Nation