Assan Karobar Finance Scheme
Assan Karobar Finance Scheme is an important initiative by the Punjab government to support small and medium enterprises. Chief Minister Maryam Nawaz Sharif has launched this scheme, which will provide financial assistance to entrepreneurs. The aim of this scheme is to establish new businesses, expand existing businesses, and adopt modern technology.
Under it, farmers and agricultural SMEs will be provided special benefits, which will increase their productivity and reduce their financial burden. The scheme will provide loans at two different levels, where Tier-1 loans will be available up to Rs 5 million without any collateral, and Tier-2 loans will be from Rs 5 to 30 million, which will require collateral. In addition, a modern Assan Karobar Card has also been introduced in this scheme, through which entrepreneurs will be provided interest-free loans up to Rs 1 million.
This scheme not only provides financial assistance but also offers capital subsidies and business advisory services for those investing in solar energy equipment, which will help entrepreneurs grow their businesses.
Objectives of the Assan Karobar Finance Scheme
The primary goal of the Assan Karobar Finance Scheme is to empower entrepreneurs by providing them with the resources they need to establish new businesses, expand existing ones, and modernize operations. This multi-billion-rupee initiative aims to boost job creation and contribute to the province’s economic development.
The scheme places special importance on agricultural SMEs, helping them enhance productivity and implement modern farming techniques. By offering interest-free loans, the program alleviates the financial burdens faced by businesses, allowing them to flourish without the stress of high interest rates.
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Loan Structure and Eligibility Criteria
The Assan Karobar Finance Scheme offers loans under two distinct tiers, ensuring that businesses of various sizes can benefit from this initiative:
- Tier-1 Loan: Up to Rs 5 million. This is an unsecured loan, meaning it does not require any collateral or property to back it up. Approval is based on a personal guarantee.
- Tier-2 Loan: Ranging from Rs 5 million to Rs 30 million. This loan is secured and requires collateral to secure the loan amount.
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Eligibility Criteria
To qualify for the loan, applicants must meet the following requirements:
- Be aged between 25 to 55 years.
- Maintain a clean credit history with no previous defaults.
- Own or rent a business premises.
Repayment Terms
The repayment period for loans under the Assan Karobar Finance Scheme can extend up to five years. New businesses in the Greenfield category will receive a six-month grace period before repayments begin, while existing businesses in the Brownfield category will have a three-month grace period. This flexible repayment structure is designed to ease the financial burden on entrepreneurs as they establish or expand their businesses.
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Introduction of the Assan Karobar Card
One of the most innovative features of the Assan Karobar Finance Scheme is the introduction of the Assan Karobar Card. This digital card simplifies the loan process, making it more accessible to small entrepreneurs. Through this card, businesses can receive interest-free loans of up to Rs 1 million.
The funds from the Assan Karobar Card must be used strictly for business-related expenses, ensuring transparency in the usage of funds. The card can be utilized for transactions through digital platforms, such as mobile apps and point-of-sale systems, providing a hassle-free experience for entrepreneurs.
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Additional Incentives for Entrepreneurs
To further enhance the attractiveness of the Assan Karobar Finance Scheme, the government is offering several additional benefits:
- Capital Subsidy: Entrepreneurs who invest in solar equipment or cleaner production technologies can receive a capital subsidy of up to Rs 5 million.
- Non-Financial Advisory Services: The scheme provides non-financial support to help businesses make strategic decisions, facilitating easier growth and success.
- Development of Small Industrial Estates: Areas like Sialkot, Gujrat, and Quaidabad will see the establishment of small industrial estates, enabling businesses to set up and expand in affordable locations.
- Tannery Zone in Sialkot: A dedicated tannery zone will be created in Sialkot to address environmental issues and improve the quality of leather exports.
Additionally, affordable plots with long-term leases of up to 30 years will be available, making it easier for entrepreneurs to build and grow their businesses.
Future Plans for the Assan Karobar Finance Scheme
The Punjab government has ambitious plans for the future of the Assan Karobar Finance Scheme. Phase II of the initiative is expected to launch in the 2025-26 fiscal year, with an expanded budget of 100 billion rupees. This second phase aims to support 24,000 SMEs across the province, targeting the disbursement of Rs 379 billion in loans. By scaling up the program, the government hopes to create a robust ecosystem that will help businesses thrive and drive economic development in the region.
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Conclusion
The Assan Karobar Finance Scheme represents a landmark initiative by the Punjab government, providing essential financial support to small and medium enterprises. By offering interest-free loans, capital subsidies, and non-financial services, this scheme empowers entrepreneurs to establish, expand, and modernize their businesses. The introduction of the Assan Karobar Card and the development of industrial estates provide practical solutions to the challenges faced by businesses.
This program is a significant step toward fostering long-term economic growth and stability in Punjab, creating jobs, and boosting exports. Entrepreneurs in the region now have a valuable opportunity to access financial support and turn their business ideas into successful ventures. If you’re an entrepreneur looking to make an impact in Punjab, the Assan Karobar Finance Scheme could be your key to success!
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