The Union of Small and Medium Enterprises (Unisame) representatives met Senior Vice President of SME group, Union Bank, Mansoor Mukhtar and discussed the requirements of SMEs.
Unisame Convenor, Zulfikar Thaver congratulated the Union Bank for the establishment of SME group and its willingness to finance SMEs on attractive terms.
The other participants of the union informed Mansoor Mukhtar that SMEs were in need of finance at affordable rates and should be provided at the same rate of mark up which was given to big companies.
The union agreed to give joint/collective guarantee for groups of SMEs belonging to importers, exporters, traders, SME manufacturers and SME business owners of different lines of trade.
The union also pinpointed a new concept whereby the associations of each group would vouch for its members and take responsibility for repayment of loans.
The union further requested the bank to come up with special products such as long-term loans for purchase of commercial property that would be mortgaged simultaneously with the bank and would serve as secured loan.
The union also suggested the system of collateral management, which would house the raw materials of SMEs and delivered it to SMEs as per requirements in small lots. Moreover, machinery, plant and equipment could be given to SMEs on easy instalments.
The VP, SME Group promised to give considerations at the request of the union to facilitate SMEs.
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