The Prime Minister’s Program for Youth is all set to launch in Gilgit-Baltistan and across the country on Monday, Nov. 2, said PML (N) Chief Organizer Gilgit-Baltistan, Hafeez-Ur-Rehman.
Mr. Hafeez further said that application forms for the youth program will be available at all National Bank branches throughout GB from Monday. He further noted that business loans will be provided to the young entrepreneurs on merit.
The Prime Minister’s Program for Youth consists of six schemes: Business loans scheme, qarz-e-hasna scheme, youth training scheme, youth skills development scheme, scheme for provision of laptops and scheme for reimbursement of fees of students from the less developed areas.
The PM’s business loans scheme for young entrepreneurs comes with an allocated budget of Rs. 5.0 billion for 2013 to 2014. The scheme is intended to provide subsidized loans to young, potential entrepreneurs at a price of eight percent interest with debt to equity ratio of 90:10 for up to seven years.
Young people, having no more than 35 years of age, are qualified for the scheme, under which 50 percent loans will go to women entrepreneurs. Young men and women can apply for business loans between Rs. Rs.5, 00,000 and Rs. 20, 00,000.
The government has designated financial institution for the provision and management of the loans- initially the National Bank of Pakistan and the First Women Bank Ltd under the State Bank’s supervision.
Businesses in almost all sectors will be considered under the PM youth business loan scheme.
“Standardized schemes/projects/ undertakings will be designed by SMEDA, projects designed by private sector service provider or individuals themselves,” a statement on the website of the Prime Minister’s Program for Youth reads.
The Small and Medium Enterprises Development Authority (SMEDA) has come up with 54 pre-feasibility studies for the establishment of small and medium enterprises under the prime minister’s youth loan scheme. The studies are available on the website of SMEDA and have already been downloaded thousands of times.
SMEDA will also assist the potential entrepreneurs / loan applicants with the preparation of business plans. Reports say that the authority will make available templates for business plan in different business sectors. It will also provide guidelines for the loan applicants