The Union of Small and Medium Enterprises (Unisame) has asked the State Bank of Pakistan (SBP) to design and develop a new credit card for the small to medium-sized entrepreneurs.
According to Unisame, credit cards will enable the SMEs to purchase goods and raw material on credit for their units and repay the amount used within a specified period.
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Unisame president Zulfikar Thaver said that the commercial banks have not yet developed the credit cards for SME units, adding that the SBP could develop such one with tailored limits based on the rating of the SME unit.
If not paid on maturity, the credit cards in vogue used by individuals could attract charges of up to 30% per annum, making it very costly and would not suit the needs of SMEs, Thaver said.
He added that in many countries, the banks facilitate the small entrepreneurs to purchase shops, offices, workshops, stocks for their shops and raw material as well as finance them to buy vehicles for income generation such as shops on wheels.
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