Special Assistant to the Prime Minister for Youth Affairs (SAPM) Usman Dar announced on Tuesday that the Kamyab Jawan program, launched by the federal government last year, has entered its second phase in which young people can borrow between 100,000 and 25 crore to kick -start your business.
The aide to the prime minister said the decision was made in light of intermittent coronavirus lockdowns that have disrupted economic activity.
“Young people just need a business plan and the government will give them loans without asking for collateral,” he said, adding that young people with financial difficulties should make the most of this program.
Dar also said that the unsecured loan limit has also been increased from Rs 500,000 to Rs 1 million. In addition, all Islamic banks in the country will be included in the program.
Between 200,000 and 300,000 budding entrepreneurs are likely to benefit from the Youth Entrepreneurship Program (YES), a component of the government’s flagship project, Kamyab Jawan, launched to offer soft loan facilities to those with viable business ideas, Dar had reported. APP at the beginning of this year.
“Only between 15% and 25% of all applicants can obtain concessional loans under the ‘YES’, as it appears that between 50 and 60% apparently applied in a hurry and were rejected for not having business plans” added.
YES was launched under the banner of the Kamyab Jawan Program in October last year, under which Rs 100 billion was allocated to youth, and loans ranging from Rs 100,000 to Rs 5 million would be disbursed to youth submitting ideas for practically implementable businesses.