SMEConnect Digital Portal to Simplify Bank Financing for Small Businesses, Says Saif ur Rehman

Lahore, November 8 (3D Media): Saif ur Rehman, Coordinator to the Federal Tax Ombudsman, has welcomed the State Bank of Pakistan’s decision to establish a centralised digital portal, ‘SMEConnect’, aimed at simplifying access to bank financing for micro, small and medium-sized enterprises (SMEs), saying the initiative will significantly facilitate the disbursement of loans worth trillions of rupees to the business sector.

Speaking to a delegation of small and medium-sized business representatives here on Sunday, he said that, for the first time, all financing applications would be submitted through a single centralised digital platform. This would enable applicants to track the progress of their applications in real time and understand the reasons for any rejection.

Saif ur Rehman said banks had been clearly instructed to process SME financing applications promptly and strictly on merit. However, the authority to approve financing applications would remain with the respective banks.

He observed that small and medium-sized industrialists had previously faced considerable difficulties in securing bank loans to modernise, upgrade and improve their business units and production facilities.

He further stated that the Prime Minister had also directed all provincial governments to ensure the prompt provision of loans to SMEs across the country to promote sustainable economic growth.

Saif ur Rehman said easier access to financing for SMEs could help expand business activities, accelerate industrial development, create employment opportunities and strengthen the national economy.

Credit: 3D Media