LAHORE, May 17 (APP):Small and medium enterprises (SMEs) can drive an industrial revolution in Pakistan if commercial banks provide hassle-free financing on easy terms and on a priority basis, Federal Tax Ombudsman (FTO) Coordinator Saif-ur-Rehman said on Sunday. Talking to a delegation of small traders,he said SMEs play a vital role in economic growth,employment generation and poverty alleviation and can significantly contribute to boosting exports and strengthening the national economy …
SMEs can bring an industrial revolution:Coordinator
LAHORE, May 17 (APP):Small and medium enterprises (SMEs) can drive an industrial revolution in Pakistan if commercial banks provide hassle-free financing on easy terms and on a priority basis, Federal Tax Ombudsman (FTO) Coordinator Saif-ur-Rehman said on Sunday.
Talking to a delegation of small traders,he said SMEs play a vital role in economic growth,employment generation and poverty alleviation and can significantly contribute to boosting exports and strengthening the national economy with adequate financial support.
He regretted that despite the government’s facilitation policies,a large number of SMEs including women entrepreneurs were still facing difficulties in obtaining business loans from commercial banks.
Saif-ur-Rehman said lengthy documentation requirements, complicated procedures and strict lending conditions were discouraging small business owners from accessing formal credit.
He further observed that no effective action was being taken against banks creating hurdles in the loan disbursement process which was adversely affecting the growth of the SME sector.
He urged the authorities concerned to ensure transparency, simplify loan procedures and facilitate entrepreneurs so that SMEs could play their due role in industrialization,economic stability and sustainable growth in the country.
