The federal government has increased the loan limit under the Prime Minister’s Youth Program from Rs 5 lakh to Rs 15 lakh to foster entrepreneurship and support small and medium-sized enterprises (SMEs). This initiative aims to encourage innovation, create job opportunities, and empower youth and women entrepreneurs in Pakistan.
Government’s Efforts to Promote SMEs
In a recent meeting chaired by Prime Minister Shahbaz Sharif, the government reviewed progress on SME development and discussed measures to simplify the process for entrepreneurs. The PM emphasized aligning SME support with international standards and directed officials to design programs inspired by successful global models.
The government is also conducting a comprehensive survey to identify the challenges faced by SMEs. Additionally, a special package is being prepared to provide financial assistance and resources tailored to women entrepreneurs, ensuring inclusive economic growth.
PM Shahbaz Sharif highlighted the critical role of SMEs in boosting exports and creating employment, stating that empowering young and women entrepreneurs is vital for sustainable development.
How to Apply for the PM Youth Loan Program
Youth and small business owners interested in availing of the loan facility can follow these steps:
- Visit the Official Portal
Go to the official Prime Minister’s Youth Program website: https://pmyp.gov.pk. - Eligibility Criteria
- Applicants must be Pakistani citizens aged between 21 and 45 years.
- Women entrepreneurs can apply for additional incentives and special packages.
- Choose the Loan Category
Loans are categorized based on the required amount:- Tier 1: Up to Rs 5 lakh
- Tier 2: Rs 5 lakh to Rs 15 lakh
- Submit an Application
- Register on the portal using CNIC and basic personal details.
- Complete the online application form, providing necessary business details.
- Upload required documents, including business proposals and proof of identity.
- Processing and Approval
Once submitted, applications are reviewed by the concerned authorities. Approved applicants will be notified via SMS and email. - Receive Loan Amount
After approval, funds are disbursed directly to the applicant’s bank account.
Key Benefits of the Program
- Increased loan limit up to Rs 15 lakh for SMEs.
- Special packages for women entrepreneurs.
- Simplified online application process.
- Empowerment of youth to promote economic growth and self-sufficiency.
This initiative reflects the government’s commitment to supporting small businesses and creating an environment conducive to innovation and employment.
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