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Home Business & Stock

SBP introduces new loan scheme for SMEs

MM News Staff by MM News Staff
November 7, 2021
SBP

KARACHI: The State Bank of Pakistan Governor Dr Reza Baqir announced that banks have shown an overwhelming response to an innovative financing scheme for collateral-free lending to SMEs introduced by the State Bank of Pakistan (SBP) and supported by the federal government.

It is the first time a comprehensive collateral-free SME lending scheme has been introduced by SBP in the country.

Out of 20 banks that competed for participating in this scheme, eight banks under four categories have been selected on the basis of the highest amount of finance and highest number of SME clients to be served.

The categories include large banks, mid-sized banks, small banks, and banks in collaboration with fintech. The winning banks are Habib Bank Ltd, United Bank Ltd, Allied Bank Ltd, Meezan Bank Ltd, Bank Alfalah Ltd, The Bank of Punjab, JS Bank Ltd and The Bank of Khyber.

The banks have been selected through a transparent bidding process based on prescribed criteria.

While appreciating banks’ enthusiastic response, Dr Reza Baqir emphasised the early rollout of the scheme by banks. He also underscored the importance of extensive awareness and marketing of the scheme for the SMEs to fully utilise its benefits.

Access to finance for SMEs remains low in Pakistan due to a number of factors including lack of collateral and perceived high risk due to non-availability of track-record, read the SBP press release.

Tags: SBP
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