SBP organizes virtual session on SMEs financing
By Our Correspondent
Rawalpindi
Governor State Bank Raza Baqir has said that SBP has introduced financing schemes for small and medium enterprises. SBP has received more than 2100 applications to avail financing under the scheme for payment of wages and salaries of their employees. In which 1,320 applications has processed and more than 96 billion dispersed to meet their salary expenses.
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Major aim of his Mission
Addressing a virtual session with different chambers of commerce on Wednesday, Raza Baqir said. The major aim of this session was to get real time feedback on finance schemes and collect suggestions to make it a more robust scheme. He appreciated recommendations on documentation and guarantees requirements. He added that commercial banks directed to process the requests of up-to 5 million loans without hefty collateral and guarantee against a loan.
Statement of Saboor Malik
Saboor Malik, President Rawalpindi, Chamber of Commerce and Industry, while addressed the virtual session. He said that the guarantee and procedure for obtaining the financing scheme announced by the SBP for SMEs should be further relaxed. Services sector, hotels, wedding halls, tourism, travel sector has suffered most due to corona and lock down.
He demanded the announcement of special packages for these sectors. Traders associated with Hajj and Umrah are facing many difficulties. The duration of the scheme should be further extended. It is difficult for a small trader to obtain the required documents from the bank. Such as a three-year balance sheet and the projected finances.
RCCI President appreciated the initiative
RCCI President said that such a meeting should be held every month. He appreciated the initiative of the Governor SBP. Moreover, he said that this was the first time that a detailed meeting held with the Governor SBP, with chambers across the country. He also offered suggestions for resolving the financing problems faced by small businesses and the SME sector.
Senior Vice President Noserwan Khalil Khan, Vice President Hamza Sarosh and Secretary General Irfan Manan also attended the session.
Great news
It’s good job and really appreciable