Govt Orders To Triple Small Business Loan Limit

Prime Minister Shehbaz Sharif has ordered to increase the loan limit for Small and Medium Enterprises (SMEs) by 200 percent from Rs. 500,000 to Rs. 1.5 million. He ordered this during a review meeting in Islamabad today. The Prime Minister called for making the country’s SME support systems on par with global standards and to form a special package for women entrepreneurs to encourage their participation in the economy. The meeting was informed about ongoing efforts to simplify loan forms, reclassify SMEs for broader access to government support, and introduce a new category for small-scale businesses run by housewives. Officials of Pakistan Bureau of Statistics shared initial SME data from three major cities which will be used for a comprehensive survey across the country in the coming months. It was briefed that the Small and Medium Enterprises Development Authority (SMEDA) is set to launch a financial literacy and training program by February 2025 and a technology adoption initiative by mid-year. Federal ministers, provincial chief secretaries, and SME sector representatives attended the meeting.