Banks Approve Rs. 21 Billion For SMEs Under Rozgar Refinancing Scheme

Out of the total Rs. 95.8 billion approved under Rozgar Refinancing Scheme, banks have approved requests amounting to Rs. 21 billion for SMEs and small corporations to support payment of salaries and wages to their workers and employees.

This was stated by Governor SBP, Dr. Reza Baqir, in an online meeting held with the Presidents of Chambers of Commerce and Industries of the 15 regions where SBP (BSC) offices are located.

Governor Baqir remarked that though the financing availed by businesses is encouraging, State Bank is also cognizant of the fact that SMEs are facing difficulties in availing this facility from banks for various reasons. To address such issues and to facilitate the borrowers, Governor Baqir announced an elaborate arrangement of focal persons devised by SBP.

He said that SBP has created teams of focal persons of SBP-BSC Chief Managers and senior officials of all the banks in all the 15 cities where SBP (BSC) offices are located. These teams will primarily be responsible to address issues faced by businesses in availing the financing under the SBP Rozgar scheme in all the cities clubbed into 16 groups.

They will liaise with Chambers of Commerce and other trade bodies to listen to their suggestions as well whereas businesses can extend their queries or complaints to the SBP focal persons, who will resolve issues with the help of the bank’s focal persons, he added.

Dr. Reza Baqir shared with the chambers that SBP is also contemplating extending the scheme further as it understands that businesses are still facing challenges due to the impact of COVID-19 on the daily lives of common people. He assured that SBP stands ready to take every possible measure under its mandate that can facilitate the businesses to overcome the difficulties faced by them.