Prime Minister youth program enhances loan limit to Rs1.5 million

The federal government has prioritized fostering an environment that promotes innovation and job creation. As part of these efforts, the loan limit under the Prime Minister’s Youth Program for small businesses has been raised from Rs 5 lakh to Rs 1.5 million.

This initiative aims to encourage entrepreneurship, particularly among youth and women, and to support the development of small and medium-sized enterprises (SMEs) in the country, which has a population of 242 million.

Prime Minister Shahbaz Sharif chaired a meeting focused on advancing small enterprises, during which he and other officials reviewed the government’s progress in supporting small businesses and discussed ways to simplify processes for entrepreneurs.

In his address, the Prime Minister emphasized the importance of aligning SME support with international standards and directed that assistance for small businesses be modeled on successful practices from developed countries.

He also instructed the swift completion of a comprehensive survey to identify the needs and challenges faced by SMEs, ensuring a more targeted and effective approach to their development.

Additionally, the Prime Minister directed the formulation of a special package for women entrepreneurs in small-scale businesses to provide them with the financial resources and support necess to expand their ventures.

The Prime Minister underscored the critical role of SMEs in boosting exports and creating jobs. Empowering youth and women entrepreneurs, he noted, would not only enable them to secure their livelihoods but also contribute to generating new employment opportunities across the country.