Govt rolls out easy loans for start-ups under second phase of Kamyab Jawan programme

Special Assistant to Prime Minister on Youth Affairs (SAPM) Usman Dar on Tuesday announced that the Kamyab Jawan Programme, launched by the federal government last year, has entered its second phase in which the youth can borrow between Rs100,000 and Rs25 million to kick-start their businesses.

The premier's aide said that the decision was taken in view of the  intermittent coronavirus lockdowns that have disrupted economic activity.

"The youth just needs a business plan and the government will provide loans without asking for a guarantee," he noted, adding that young people suffering from financial difficulties should take full advantage of this programme.

Dar also said that the limit of unsecured loans has also been increased from Rs500,000 to Rs1 million. Moreover, all Islamic banks across the country will be included in the programme.

Also read: Kamyab Jawan Programme: 200,000 to 300,000 youth likely to get loans under YES

Around 200,000 to 300,000 budding entrepreneurs are likely to benefit under the Youth Entrepreneurship Scheme (YES), a component of the government’s flagship Kamyab Jawan project launched to offer soft loan facilities to those having workable business ideas, Dar had informed APP earlier this year.

“Only 15% to 25% of the total applicants may get concessionary loans under the ‘YES’ as it seems that some 50 to 60% apparently applied in haste and got rejected for having no business plans,” he added.

YES was launched under the banner of the Kamyab Jawan Programme in October last year under which Rs100 billion allocated for the youth, and loans ranging from Rs 100,000 to Rs 5 million would be disbursed among the youth coming up with practically implementable business ideas.