ISLAMABAD – Approximately one million budding entrepreneurs have applied toget concessionary loans under Youth Entrepreneurship Scheme (YES), acomponent of Kamyab Jawan Program, to the tune of Rs 760 billion.
The ‘YES’ was launched in October last year under which Rs 100 billion hadbeen allocated for the youth and loans ranging from Rs 100,000 to Rs 5million, being disbursed among the youth proving their business ideaspracticable.
Initially, loans amounting to Rs 2.5 billion had been approved so far underthe ‘YES’ which was launched in the federal capital, Sindh and Punjab toprovide concessionary loans to the youth and would be rolled out in otherparts of the country soon, an official source told APP.
According to the ‘Application Summary Report’ issued by the Prime MinisterYouth Affairs Program, some 84 per cent of total applications, receivedunder the ‘YES’, were of male as 0.83 million had applied to obtain softloans.
Only 160,506 girls expressed interest in getting loans under the scheme,showing that only 16 per cent was interested in starting their ownbusinesses with the help of government.Interestingly, as many as 175 people from transgender community cameforward to avail financial assistance under the ‘YES’.
As many as 416,207 applicants fall in the age bracket of 22-30,constituting some 42 per cent of total applications, while 212,099 are of31 to 35 years.
Rest of them were of 18 to 21 years and some of them fell within the agebracket of 36 years to 45 years.
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Around 796,441 people have forwarded applications for concessionary loansranging from 100,000 to 500,000 that became 80 per cent of totalapplications.
Only 20 per cent youth had applied for loans ranging between 500,000 to5,000,000.While, as many as 675,279 people sought financial assistance under the‘YES’ for launching new businesses while only 318,824 were looking forexpansion of their existing ones.
Moreover, 804,491 youth that applied for the loan belonged to Punjab,90,435 from Khyber Pakhtunkhwa, 68,480 from Sindh and many others fromIslamabad, Balochistan, Azad Jammu and Kashmir and Gilgit Baltistan.
Previously, Special Assistant to the Prime Minister on Youth AffairsMuhammad Usman Dar in a recent interview with APP had expressed hisgratitude to youth for showing confidence in the Prime Minister’s KamyabJawan Program.
He thanked the youth for giving such overwhelming response to the ‘YES’.
