Roughly 200,000-300,000 young entrepreneurs probably profit from the Youth Entrepreneurship Scheme (YES), part of the Kamyab Jawan flagship project initiated by the government to provide soft loans for people with workable business ideas.
“Only 15 to 25 per cent of the total applicants may get the concessionary loans under the ‘YES’ as it seems that some 50 to 60 per cent apparently applied in haste and got rejected for having no business plans,” Special Assistant to the Prime Minister on Youth Affairs Muhammad Usman Dar informed state run new agency while highlighting the current statistics of the loan scheme.
The Kamyab Jawan Programme, which provided Rs 100 billion for young people and lending from Rs100 000 to Rs 5 million among young people who had business ideas, was launched in October last year as ‘ YES’
“Some 1.3 million youth applied for the loan scheme in merely 15 days which brings it into international spotlight as a team of the United Nations has discussed this Kamyab Jawan programme for attracting such a large proportion of youth, the special assistant said.
The scheme was almost at the start of the project, as the applications were screened and verified by making telephone calls, performing smart message service (SMS) and performing third party screening of the applicants.
He said that the loans would be fairly distributed as 25 milliards of Rs were devoted exclusively to women under the YES. The soft loans would initially be distributed in Sindh and would then be extended to the other provinces.