Punjab to Issue Business Cards to Give Interest-Free Loans of Up to Rs. 1 Million

The Punjab government has decided to launch a new initiative to provide interest-free loans for small and medium businesses. Chief Minister Maryam Nawaz announced the decision on Saturday with the hope of creating more employment opportunities through this scheme.

The new Business Card initiative will offer interest-free medium-sized loans up to Rs. 1 million. Additionally, larger loans up to Rs. 30 million will be available through the Easy Business Financing Scheme.

The loans, which must be repaid within five years, will include a three-month grace period after the first installment. To promote business growth, the government plans to designate separate zones for small and medium industries in major cities.

Notably, the business card will not be applicable in certain sectors such as restaurants. IT startups in Nawaz Sharif IT City will receive preferential loan terms under the scheme.