PSIC employment scheme loan distribution from 12th

LAHORE:Punjab Small Industries Corporation (PSIC) Managing Director Jamil Ahmed Jamil has said that distribution of loans under Punjab Employment Scheme will start from March 12 while 140,000 online applications have been received for obtaining loans under this scheme.

In a briefing to the media about the Punjab Employment Scheme, he said that after processing 4713 applications, 296 applications have been accepted for disbursement of Rs200 million loans.

Under the scheme, easy loan of Rs1 lakh to 5 lakhs is being given without any guarantee while loan of Rs1 million are being given on the guarantees of two employees of up to grade-9 and above one million loan is being given against the property mortgage. Further, markup on loans of worth up to one million rupee is four percent and above one million rupees is five percent.

MD PISC said that interest-free loans of Rs 80 billion have been disbursed through Akhuwat while 3.4 million people benefited from revolving loans of Rs12 billion. He said that in collaboration with universities, business incubation centers are being set up in universities and easy loans are being given to youth who are presenting business plans. He said that 20 schemes have been completed under Credit Finance Programme whereas loans of Rs3 to 5 lakhs are going to be given for the promotion of small scale industries. He said that to facilitate the artisans, PISC has set up state-of-the-art artisan villages in Sheikhupura and Taxila while artisan villages are also being set up in South Punjab. Similarly, Handicrafts Development Centers have been set up in remote areas of the province to impart skills to the local people. Modern IT software is being introduced in the handicraft shops to reach the market for the products made by the artisans.

Meanwhile, online industrial exhibitions are also being organised to introduce the products on a large scale. He further said that PISC was also launching a welfare programme for eunuchs. Under this programme, transgender people would be imparted skills training according to their ability for decent employment.