Small and Medium Entrepreneurs Business Support Fund (SBSF) would provide financial assistance in consultancy cadre to two or three years old Small and Medium Enterprises (SMEs) having turnover of less than Rs 300 million and employees less than 250, said Chief Executive Officer SBSF, David Monkman here on Monday.
"The financial assistance will be in shape of grant and will be 50 percent of the actual cost of the Enterprise", Monkman said while talking to President Rawalpindi Chamber of Commerce and Industry (RCCI), Jalil Ahmad Malik during a meeting held in RCCI.
Monkman called upon the RCCI President to identify the SMEs, which require financial assistance. "This project was backed by Government of Pakistan and can be utilised in any sector and support the SMEs to flourish and play their role in industrialisation and economic development", he added.
He said that main aim of this project was to help SMEs who were not able to excel despite potential with lack of funds adding that fund would be provided by International Agencies. He said that funds would be provided up to 50 percent and services of consultants could be hired either from Pakistan or abroad.
Speaking on the occasion, Jalil Ahmad Malik assured David Monkman full support of the chamber in this project saying that Chamber would lay out a proper system for this project where only potential and apparent SMEs would be benefited.
He thanked Business Support Fund for reposing confidence on Chamber and reiterated that RCCI would go all out to develop and promote SMEs in this particular region. "These business support funds certainly help development of the region and we will utilise fully the Research and Development Department of RCCI to get proper information about SMEs", he added.
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