US starts access to credit initiative for small businesses
STAFF REPORT ISB: USAID has announced $60 million development credit support availability through four Pakistani banks, which will provide loan capital to underserved businesses to help them expand, create jobs and increase revenues.
This was disclosed at the recently concluded Third Pak-US Business Opportunities Conference in Islamabad. The US government launched the US-Pakistan Partnership for Access to Credit programme.
Donald Larry Sampler, Assistant to the Administrator in the Office of Afghanistan and Pakistan Affairs at USAID, inaugurated the programme, which will provide credit to qualified micro, small and medium-sized Pakistani businesses.
USAID through this initiative has partnered with the local banks to provide up to $60 million in loan capital to micro, small and medium businesses. The programme partners USAID with four Pakistani banks: Bank Alfalah Limited, JS Bank Limited, Khushhali bank Limited, and First Micro Finance Bank Limited.
“Small businesses face challenges to growth, not just here in Pakistan, but in the US as well. One of the key challenges to small businesses everywhere is access to credit. Businesses require capital to grow and expand, but far too often, loans are difficult to come by, particularly for smaller businesses,” said Sampler, who is visiting Pakistan for the conference.