FINANCE

State Bank Ready to launch collateral Free Loan Scheme for Cottage Industry

State Bank of Pakistan is ready to start a collateral free loan scheme for financing of up to Rs10 million for the cottage industry, released by State Bank of Pakistan (SBP) Governor Dr Reza Baqir.

While talking at the Lahore Chamber of Commerce and Industry (LCCI), Raza Baqir said that the government would give guarantee to banks against losses of business units and would invite to banks to participate in the scheme.

According to him, the end-user rate for small businesses and cottage industry would be 9% under the this scheme, which normally get loan at 24% markup.

“To facilitate the growth of IT sector, particularly the startups. Foreign exchange laws now relaxed and made business-friendly,” Baqir said. Further informed, that foreign funding in the IT sector would be helped by easing the laws. He also informed that banks had already been directed to handle payment issues of IT companies. “IT companies can now get web and digital services from abroad for up to $200,000. Without any approval of the State Bank. Previously, this limit was $10,000,” he said.

State Bank refinanced “Temporary Economic Refinance Facility (TERF)” scheme for payment of salaries to support businesses during the time of Covid-19 pandemic. He told the businessmen that Rs436 billion in financing approved and most of the funds disbursed under TERF. Payments of the pending loans are in the pipeline.

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