The Punjab government’s Apna Rozgaar Scheme to provide business loans to youths reportedly hit a snag as only 1,200 of the 180,000 registered applicants could be able to get loans during the past 14 months, reported 24NewsHD TV channel.

It is to be noted here that on the orders of Prime Minister Imran Khan, the PTI government in Punjab had launched Apna Rozgaar Scheme, which was formally inaugurated by Punjab Chief Minister Sardar Usman Buzdar on October 20, 2020.

Under the programme, Rs30 billion worth business loans were to be provided to youths within five years, and the Punjab Commerce, Industries and Investment Department (PCIID) was bound by the government to achieve the yearly target of providing Rs6 billion worth loans.

However, a senior PCIID official told 24NewsHD channel that only 1,200 registered applicants in Punjab were so far able to get loans worth Rs700 million under the scheme during the past 14 months.

“Whereas, according to the official statistics, more than 180,000 people in Punjab had got themselves registered for loans through online applications,” he added.

“The Punjab Small Industries Corporation (PSIC) also received more than 20,000 applications for loans worth more than Rs25 billion,” he stated and added that 11,000 of those applications were sent to the Bank of Punjab for the issuance of loans.

“But, only 1,200 of the total applicants were provided loans during 14 months,” he maintained and added that the clearance period for a loan application was 20 days, but in Punjab, applications were given clearance in 180 days which proved to be the biggest hurdle in the scheme.

“Due to the slow pace of Punjab Apna Rozgaar Scheme, issuance of business loans to the youth have been delayed. Under the programme, loans from Rs100,000 to Rs10 million were to be given to men, women and eunuchs,” he stated.