LAHORE: The Small and Medium Enterprises Development Authority (SMEDA), the State Bank of Pakistan (SBP) and Pakistan Banks Association have jointly developed a simplified SME Loan Application form on the directive of Prime Minister Pakistan.
The form was unveiled today at seminar organized by SMEDA at a local hotel. The Seminar was addressed by Socrat Aman Rana, CEO SMEDA, Najam-us-Saqib, Additional Director SBP, Ms. Aasia Sail, and Member PM Steering Committee on SME development, Munir Kamal, CEO/Vice Chairman PBA, Altaf Hussain Saqib, Head Commercial Banking Faysal bank, Umair Zaman Khan, Product Head SME, JS Bank and Umar Rauf, Regional Business Head-SME, BOP. A large number of representatives from the Banking Industry, Chambers of Commerce and Industry and the trade associations from Lahore, Karachi, Peshawar, Quetta, Azad Jammu & Kashmir, Gujranwala, Faisalabad and Rawalpindi attended the seminar with great interest.
CEO SMEDA Socrat Aman Rana, in his concluding address, highlighted the crucial role SMEs play in the nation’s economic landscape. However, despite their importance, SMEs have long faced barriers in accessing to the formal financing, largely due to the difficult and complex nature of the loan application process, as well as, the low financial literacy of SMEs, he said and informed that SBP, PBA and SMEDA were working hands in glove to translate the PM vision of SME development into reality by enhancing easy and adequate access to finance for SMEs.
The launching of a single easy and simplified loan application form for Small and Medium Enterprises is the first significant step towards this direction, he said and told that SMEDA, with the support of PM Steering Committee on SMEs, SBP, PBA and the Ministry of Industries and Production is prepared to do a lot more for rapid and sustainable growth of SMEs.
We are planning to develop programs for handholding, Capacity Building and trainings besides ease of SME finance, grants and loaning schemes for SMEs, he said and extended gratitude to the Honourable PM Shehbaz Sharif, Minister MOIP Rana Tanveer Hussain, Secretary MOIP Saif Anjum, and the key stakeholders for their instrumental support in materializing this initiative.
Najam us Saqib, Additional Director SBP said that process started with the simplified SME loan application form should be continued with more interventions for easing the overall processing systems at banks level to double the SME finance in next 5 years.
He also highlighted several key improvements brought in the new loan application form. “We’ve simplified the structure of the form, reducing the number of data entry sections required to be filled in by SMEs”, he said and hoped that the change would speed up the application process and will make it easier for businesses to apply for loans. He pointed out that the new process would also benefit banks by reducing paperwork and speeding up approvals.
Earlier Ms. Aasia Sail, Member PM Steering Committee on SME development appreciated CEO SMEDA dedication in promoting the cause of SMEs and removing hurdles in their growth. She also applauded PM Pakistan for putting SME sector on his top priority agenda.
Munir Kamal, CEO/ V. Chairman PBA, in his address, said that like neighbouring countries Pakistan will also have to base its economic development on SME sector, in which SMEDA has to play pivotal role. He suggested developing SMEDA at par with the international development organizations.
The representatives of the business community appreciated SMEDA efforts to simplify the loan application form and observed that the new simplified process would enhance SME financing in the country enabling the enterprises to unlock new growth opportunities.
The representatives of the banking industry assured to implement the new application process in letter and spirit to spur the sustainable growth of SMEs by meeting their financing needs.
Copyright Business Recorder, 2025
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