KP government has announced interest-free loans for Startups to accommodate the youth of the province.
The government has decided to give Rs. 5 lac to Rs. 30 lac loan amount to the graduates of any university in the province while Rs. 3 lac to 4 lac will be provided to those who are young but not qualified from a university.
The loans will be provided according to the merit by analyzing the business ideas of the applicants while one can apply for the loan if starting a new venture or wants to grow an already running business.
Although the whole details are not given about the process, the initiative directly targets the youth and aims to provide them with enough resources to not only stand on their feet but also support others by giving jobs.
The decision was taken in a meeting presided by Atif Khan, KP minister for tourism and youth affairs while finance minister Taimur Saleem Jhagra, secretary finance Shakeel Qadir, secretary tourism Shahid Zaman and other officials were also present.
The loan will be provided without any gender bias, “We have provided equal opportunity for the women too”, the Finance Minister was of the view.
Proper feasibility reports will be demanded from the applicants whereas the startup idea needs to be practical as well as profitable, according to the sources.
“Youth are the core part of our society, while PTI always prioritizes them. This loan program will create employment opportunities and help eradicate the poverty in the province”, said Atif Khan, senior minister.
We hope that with this latest development, youth in KP flourishes but this will only happen if the loan amount is disbursed transparently.
This interest-free loans for Startups should be exercised on the model of previous KP Youth Impact Challenge where experts should decide about the approval of a loan, not just the bureaucratic staff.