The Punjab Rozgar Scheme is the flagship initiative of the Government of Punjab. This scheme will provide credit facilities to micro, small, and medium-sized businesses and startups in collaboration with the commercial banks to overcome the adverse effects of the COVID-19 pandemic. It hopes to offer easy loans worth more than Rs.30 billion.
Employment Generation
The Punjab Rozgar Scheme aims to generate employment opportunities for the youth by creating opportunities and finances to participate in economic activities. This scheme is designed with a special focus on university graduates with entrepreneurial skills and technical education, as well as existing businesses hit by the pandemic, and hopes to generate 1.6 million jobs in the economy.
Eligibility Criteria
Men, women, transgender people, and differently-abled persons between the ages of 20 to 50 years are eligible to apply for this scheme. The applicant must be a Pakistani citizen and a resident in Punjab verified through a valid CNIC. Moreover, the applicant must also have a clean e-CIB / Credit History.
Easy loans will be offered to the following categories of applicants:
- University or College Graduates with entrepreneurial skill;
- Diploma or Certificate holders from TVET with technical or vocational training;
- Artisans and skilled workers;
- Existing Businesses (preference will be given to those affected by COVID-19);
- Startups with viable business plans;
- Micro and other enterprises or entrepreneurs with resource-efficient and environmentally-friendly interventions or production technologies to improve their operations’ environmental performance.
The business venture must be located in Punjab and should be a sole proprietorship, partnership, or a business that meets other eligibility criteria. Startups or new businesses must have a viable business plan, while the business plan for existing businesses must focus on sustaining the impact of COVID-19. The scheme will put a greater emphasis on trade, manufacturing, services, agriculture, and livestock sectors.
The Punjab Small Industries Corporation will implement the Punjab Rozgar Scheme. An easy loan given under this scheme can vary from Rs.100,000 to Rs.10,000,000 in amount, with the lowest mark-up rate. The tenure of the loan will be about 2 to 5 years.
How to Apply?
Applicants can apply for the Punjab Rozgar Scheme 2020 here by signing up with their CNICs. A non-refundable fee of Rs.2000 has to be submitted with the application.
Also, read about CM Buzdar inaugurating the Punjab Rozgar Scheme here.
