The Small and Medium Enterprise Development Authority (Smeda) and the SME Business Support Fund (BSF) have signed a memorandum of understanding (MoU) to help promote small and medium enterprises.
The agreement enables Smeda's regional business coordinators will co-ordinate and arrange the funds in its various activities, increasing outreach of fund services to the SMEs all over Pakistan.
Chief Executive Officer David Monkma and his Smeda counterpart Shahid Rasheed the signed MoU. Fund Chief Operating Officer Ali Sarfraz, Smeda General Manager Sultan Tiwana and his Operation Manager Iqbal Kidwai were also present on the occasion.
Rashid said he hoped the collaborative relationship between the two would result in a greater uptake of business services by SMEs. Monkma said his organisation would be able to extend support to smaller cities at lower operating cost.
With a futuristic approach and professional management structure, the Smeda focuses on providing environment and business development services to small and medium enterprises.
It is not only an SME policy-advisory body for the government, but also helps other stakeholders in addressing their SME development agendas. The government and the Asian Development Bank (ADB) set up the fund in 2005 to help SMEs get business services. The fund can afford grants of up to Rs 1.8 million to an SME. Operating since 2006, the fund has supported over 250 projects of up to Rs 120 million.