Sialkot, August 17, 2021 (PPI-OT):Mr. Qaisar Iqbal Baryar – President Sialkot Chamber,in a statement given to press, appreciated the initiative of SME Asaan Finance scheme (SAAF) for lending to SMEs without collateral through its IH and amp;SMEFD Circular No. 09 of 2021 dated August 16, 2021. He said that the SAAF scheme would be a revolutionary measure taken by the State Bank of Pakistan to provide collateral free financing of up to PKR 10 (M) to the Small and Medium Enterprises at a rate of up to 9% per annum.
Mr. Baryar said that one of the most critical issues faced by SMEs was the difficulty in accessing finance. “Before this scheme, it was next to impossible for the SME based exporters of Sialkot to get financing from the Commercial Banks without collateral” the President added. He further shared that Sialkot Chamber had been actively pursuing the Federal Government and State Bank of Pakistan for implementing a robust clean lending policy to facilitate the small exporters so that they could grow their exports.
Mr. Qaisar Iqbal Baryar thanked Dr. Reza Baqir, Governor State Bank of Pakistan, Mr. Ashraf Khan, Managing Director SBP BSC, and their team for formulating the framework to encourage the Commercial Banks to finance the small, medium, and especially the new exporters. He announced that the collateral-free (clean) financing would be available to SMEs for long term fixed capital investment and working capital finance requirements and would also be available on Shariah-Compliant Modes.
The President Chamber was all praises for Prime Minister Imran Khan’s Government for providing risk coverage of 40 to 60 percent to the selected banks against losses depending on the size of loans. This risk cover would also remove the trust deficit of the Commercial Banks and would allow them to invest in SME Finance market with peace of mind, he added.
For more information, contact:
Sialkot Chamber of Commerce and Industry (SCCI)
Shahrah-e-Aiwan-e-Sanat-o-Tijarat, Sialkot – 51310, Pakistan
Phone: +92-52-4261881-3
Fax: +92-52-4268835, +92-52-4267919
E-mail: sialkot@scci.com.pk
Website: http://www.scci.com.pk