SME Business Support Fund, a nonprofit organisation that assists small and medium-sized enterprises (SMEs) as well as business development service providers (BDSPs), recently partnered with Kashf Microfinance Bank in an effort to create viable business support models that will encourage self employment in Pakistan. The project will focus on skills development, job creation through entrepreneurial training, sales techniques and record keeping as well as the eventual provision of microfinance loans to meet the working capital requirements of successful trainees.
Syed Saqib Mohyuddin, CEO of the SME Business Support Fund, stated that “Through our partnership with Kashf Microfinance Bank Limited, we plan to facilitate entrepreneurship in Pakistan. The microfinance products offered by Kashf Microfinance Bank will be synergized with BSF’s Franchising Pakistan program which focuses on development of Women and Youth Entrepreneurship in Pakistan.”
Mr. Muddassir Aqil, CEO of Kashf Microfinance Bank Limited, added that, “Skill development is the key to ensuring that both the urban and rural entrepreneurs are able to make the most of this opportunity. We feel that a microfinance solution and guidance on how to run the business will empower the entrepreneurs on the one hand to build their assets, improve their standard of living and in creating employment opportunities
while contributing to the economic development of the country.”
By Chioma Okwudiafor, Research Associate
About SME Business Support Fund
SME Business Support Fund (BSF) is a “Not for Profit Company” established by the Ministry of Finance of Pakistan in April 2005. It is administrated by an independent Board of Directors with the majority of members being from the private sector. The organization was created to assist small and medium- sized enterprises (SMEs) as well as business development service providers (BDSPs).
About Kashf Microfinance Bank Limited
Kashf Microfinance Bank is a microfinance bank that was founded in 2008 by the Kashf Foundation, a microfinance institution (MFI) in Pakistan. It offers various lending and deposit products. As of 2011, Kashf bank reported total assets of USD 16 million, gross loan portfolio of USD 7.8 million. 20,014 active borrowers, deposits of USD 12.7 million, 121,423 depositors,-62.46 percent return on equity, – 13.05 percent return on assets.
Sources and Additional Resources:
Pakistan Observer Story: SME BSF inks MoU with Kashf Microfinance Bank
MIX Market: Kashf Foundation
MicroCapital Universe Profile: Kashf Microfinance Bank
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