Lahore, September 22, 2022 (PPI-OT):The Small and Medium Enterprises Development Authority (SMEDA) has resumed the matching grant process for establishment of industrial stitching units across the country. Mr. Hashim Raza, Chief Executive Officer of SMEDA informed that the grant is part of a PSDP funded project being implemented by SMEDA under the Federal Ministry of Industries and Production for establishment of in total 1000 industrial units, for which the grant has already been issued to 93 SMEs.
The Project, he said, aims to provide financial assistance to boost value addition in the field of textile garments manufacturing through matching grants to new business startup as well as existing small and medium enterprises (SMEs) having adequate experience in textile-related manufacturing.
CEO SMEDA observed that textile sector had a significant role in development of national economy and the enhancement of value addition, productivity and innovation could steer this sector to the increased exports and more job creation. The financial assistance to be provided through this grant will help the industrial stitching units sharing more contribution to growth of the economy, he added.
The project is targeted to establish 1000 industrial stitching units as a long run and is passing through the first phase of its three-year operation, under which 93 units out of a target of 150, have so far been completed successfully. The current process of the grant aims to support 57 units, after which the first phase of this project would stand completed.
It is notable that the said grant is disbursed in the form of machines ranging between 7-18 in number as per requirement of the applicants. The project provides a Grant facility on a cost-sharing basis, under which 40% of the cost of the Machinery is borne by the applicant and 60% is provided by the project. The application forms for the grant are available on SMEDA website and the interested SMEs have to submit their applications in SMEDA offices of their regions before 4th November, 2022.
For more information, contact:
DGM (Admin. and PR)
Small and Medium Enterprises Development Authority (SMEDA)
4th Floor, Building No.3, Aiwan-e-Iqbal Complex,
Egerton Road, Lahore, Pakistan
Email: firstname.lastname@example.org, email@example.com
The post SMEDA resumes matching grant process for industrial stitching units appeared first on Business News Pakistan.