Karobar Card scheme announced to support small businesses in Punjab

LAHORE: In a move aimed at promoting small businesses in Punjab, Chief Minister Maryam Nawaz Sharif has announced the launch of the Karobar Card scheme. This initiative is designed to provide financial assistance to small businesses, helping them to expand and thrive.

Additionally, a proposal for the Chief Minister’s Easy Business Financing Scheme has been agreed upon for medium-sized businesses.

Under this scheme, loans ranging from Rs100,000 to Rs10 million will be offered to eligible businesses. A further suggestion under the Easy Business Financing Scheme is to extend loans of up to Rs30 million.

Chief Minister Maryam Nawaz Sharif has also requested a detailed plan for the small and medium loan schemes. A preliminary decision has been made to offer interest-free loans to boost commercial activities in the province.

As part of the broader economic vision, the government has agreed to designate separate zones for small and medium industries in major cities, providing them with greater focus and resources. Additionally, it has been proposed that certain priority business sectors receive loans on a preferential basis.

In a bid to ease the repayment process, borrowers will be granted a three-month grace period after receiving their first loan instalment. Loans under the Chief Minister’s Easy Business Financing Scheme will need to be repaid within five years.

However, there are certain restrictions, including that the Karobar Card cannot be used for payments in restaurants or 10 other specific areas. The scheme will also prioritise providing loans for IT startups in the proposed IT City in Punjab, with a special focus on promoting the IT sector.

Chief Minister Maryam Nawaz Sharif reaffirmed her commitment to increasing employment opportunities by fostering trade and industry, ultimately driving economic growth in the province.

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