SIALKOT:President Sialkot Chamber of Commerce and Industry (SCCI) Qaiser Iqbal Baryar has appreciated the initiative of SME Asaan Finance Scheme (SAAF) for giving loans to SMEs through the IH&SMEFD circular No 9 of 2021, issued on Aug 16, 2021.
In a statement released on Tuesday, he said the SAAF scheme would be a revolutionary measure, taken by the State Bank of Pakistan to provide collateral-free financing of up to Rs 10 million to the Small and Medium Enterprises at the rate of up to 9% per annum.
Baryar said that one of the most critical issues faced by the SMEs was the difficulty in accessing finances. “Before the scheme, it was next to impossible for the SME-based exporters of Sialkot to get financing from commercial banks without collateral,” the president added.
Baryar thanked State Bank of Pakistan (SBP) Governor Dr Reza Baqir and his team for formulating the framework to encourage commercial banks to finance the small, medium, and especially the new exporters.