LAHORE: A streamlined SME Loan Application form has been jointly developed by the Small and Medium Enterprises Development Authority (SMEDA), the State Bank of Pakistan (SBP), and the Pakistan Banks Association (PBA) under the directive of the Prime Minister of Pakistan.
The form was officially launched at a seminar hosted by SMEDA at a local hotel. Key speakers included Socrat Aman Rana (CEO SMEDA), Najam-us-Saqib (Additional Director SBP), Ms. Aasia Sail (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). The event was attended by numerous representatives from the banking sector, chambers of commerce, and trade associations from cities like Lahore, Karachi, Peshawar, Quetta, Azad Jammu & Kashmir, Gujranwala, Faisalabad, and Rawalpindi.
In his concluding remarks, CEO SMEDA Socrat Aman Rana emphasized the essential role of SMEs in the economy while addressing their longstanding challenges in accessing formal financing. He pointed out that the complexity of loan applications and low financial literacy were major hurdles. He further noted that SMEDA, SBP, and PBA are collaboratively working to realize the Prime Minister’s vision of SME development by facilitating better access to finance.
The simplified loan application form is a crucial initial step in this direction, according to Rana. SMEDA, with support from the PM Steering Committee on SMEs, SBP, PBA, and the Ministry of Industries and Production, aims to introduce more initiatives for sustainable SME growth, including capacity-building programs, training, financial grants, and loan schemes. He expressed gratitude to Prime Minister Shehbaz Sharif, Minister MOIP Rana Tanveer Hussain, Secretary MOIP Saif Anjum, and other stakeholders for their support.
Najam-us-Saqib, Additional Director SBP, highlighted the need to continue simplifying banking processes to double SME financing within the next five years. He explained that the new form reduces data entry requirements, accelerating the loan application process for SMEs and improving efficiency for banks by minimizing paperwork and speeding up approvals.
Ms. Aasia Sail, Member PM Steering Committee on SME Development, praised CEO SMEDA’s commitment to removing barriers for SMEs and commended the Prime Minister for prioritizing SME growth.
Munir Kamal, CEO/Vice Chairman PBA, stressed that Pakistan, like its neighboring countries, must base its economic development on the SME sector. He emphasized SMEDA’s critical role in this development and suggested aligning it with international standards.
The business community representatives welcomed SMEDA’s efforts to simplify the loan process, noting that it would unlock new growth opportunities for SMEs. Similarly, banking industry representatives pledged to implement the new process diligently to support SME growth through improved financing access.
