SMEDA Resumes Matching Grant For Stitching Units

LAHORE, (UrduPoint / Pakistan Point News - 22nd Sep, 2022 ) :The Small and Medium Enterprises Development Authority (SMEDA) has resumed the matching grant process for establishment of industrial stitching units across the country.

SMEDA Chief Executive Officer Hashim Raza told media here Thursday that grant was part of a PSDP (Public Sector Development Programme) funded project being implemented by the SMEDA under the Federal ministry of industries and production for establishment of total 1,000 industrial units, for which the grant had already been issued to 93 SMEs.

The project, he added, aimed at providing financial assistance to boost value-addition in the field of textile garments manufacturing through matching grants to new business startups as well as existing small & medium enterprises (SMEs) having adequate experience in textile-related manufacturing.

The CEO SMEDA observed that the 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 would help the industrial stitching units sharing more contribution to growth of the economy, he added.

"The project is targeted to establish 1,000 industrial stitching units as a long run and it is passing through the fist phase of its three-years operation under which 93 units out of a target of 150, have so far been completed successfully. The current process of the grant meant to support 57 units after which the first phase of this project would stand completed," he elaborated.

This grant was disbursed in the form of machines ranging between 7-18 in number as per requirement of the applicants, he mentioned.

The project, he said, provided a grant facility on a cost-sharing basis under which 40 per cent of thecost of the machinery was borne by the applicant and 60 per cent was provided by the project. The application forms for the grant were available on the SMEDA website and the interested SMEs could submit their applications in the SMEDA offices of their regions before the 4th of November, 2022.