IdeaGist in partnership with major banks
Start your small business with confidence
IdeaGist partners to support Startup Pakistan Students
IdeaGist, in partnership with major banks now offering; the biggest opportunity to the talented youth of Pakistan. We are now providing professional support to start small businesses, including training, business registration, licensing, loans/financing, mentoring, and after startup support.
IdeaGist program takes full advantage of Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme Loans. We help our participants in completing the loan process correctly and work with the bank to streamline the applications. Please note that IdeaGist cannot guarantee government loans or can influence government decision making. The decision will be based on merit and you shall fulfill all the bank’s requirements.
WHY?
Pakistan has the 2nd largest young population in the world with almost 140 million people below the age of 30. Is getting harder for people to get jobs and a large number of university graduates don’t have many options. Starting your own business is a great career choice, giving you total freedom and more rewarding compare to working for someone else but how do you do it with little or no money, no experience, and not much help from the people around you?
Gist Technology would like to help as many young entrepreneurs as possible in starting their own businesses successfully. You can start your own business in no time by taking advantage of programs like Kamyab Jawan Startup Pakistan and Kamyab Jawan Youth Entrepreneurship Loan Scheme and we are here to help you with the whole process.
WHAT IS ‘YES’ LOAN PROGRAM?
As part of the Prime Minister’s vision of creating 10 million jobs, PM’s Youth Entrepreneurship Program has been developed under the banner of Kamyab Jawan. PKR 200 Billion is made available by the Federal Government to offer loans to young people for starting and growing their businesses.
These loans are available through regular banks under three different tiers. Government and Banks ar different requirements and loan conditions in these tiers.
It is complex, but don’t worry! We are here to help you not only with the loan but train you on how to start your business, all the legal requirements, licensing requirements, training needs, and offer you mentorship and support.
TIER 1
- Rs 100,000 to Rs. 1 Million
- Grace Period up to 12 Months
- Interest Rate 3%
TIER 2
- Rs 1 Million to Rs 10 Million
- Grace Period up to 12 Months
- Interest Rate 4%
TIER 3
- 10 Million to 25 Million
- Grace Period up to 12 Months
- Interest Rate 5%
FULL PROCESS
BENEFITS FOR YOU
If you would like to start a new business, you can get low-interest loans, in some cases without any collateral. Under this IdeaGist program for micro and small enterprises, you will be given consultation and facilitation as:
1. Basic Business Training (Startup Pakistan students don’t need this)
2. Aptitude assessment to select a good small business
3. Business Specific Training
4. Business Plan writing
5. Market assessment
6. Financial statements as per the standards required by the bank
7. Online application support for the Kamyab Jawan Loan
8. Company registration and NTN
9. Packaging of Services and Products based on market prices and norms in the area of business
10. Three months post-startup on-call support
11. Final site inspection as required by the Bank to be done by our independent inspectors
12. Any legal documentation, including lease agreement reviews, and any service contracts
WHAT DO YOU NEED TO HAVE?
TRAINING
if you have not completed it, please complete it as soon as possible. If you were registered in Cohort 1, 2 or 3, have not completed your training, please complete it ASAP
EQUITY
10% of the loan amount which is the minimum government requirement for equity. We suggest that you prepare for PKR 100,000 to get PKR 1,000,000. Please make sure that you have this money available to process your application really fast. We cannot help you in this area, this is the minimum requirement
WILLINGNESS TO LEARN
Willingness to learn about the business that you plan to start. A range of traditional businesses can be financed under this scheme. When you will submit the application, we will have a consulting session to provide you a range of options that are relevant to your background and location.
If you are a Startup Pakistan Graduate, you will be contacted first. Also please note, that this is not the Pakistan 100 Incubation program for innovative ideas. This program is limited to traditional businesses. Students that submitted their ideas for Small Ideas competition and got 50+ votes, will be the first one in the line. Also, students that paid the fee for the Small Business Incubator program will get the opportunity first.
PROGRAM FEE
You will need to submit an initial application fee of PKR 3,000 with your application. For Startup Pakistan Graduates, the application fee is PKR 2,000.
Please deposit the fee at any Meezan Bank branch, account number 03190104150926.
You can deposit this money using your mobile wallet like Jazz Cash, Telenor Easy Paisa, etc.
Alternately, you can deposit the application fee to our EasyPaisa account at 0301-119-8913
Once you have deposited your fee, please send the receipt or copy of the challan to paksupport@ideagist.com or WhatsApp it at 0301-119-8913. Without the application fee, we will not process your application.
People who submitted the PKR 2,000 introductory fee for the micro-enterprise program do not require to submit the fee again.
Qualifications:
- A reserved 25% quota is for women.
- The age for applying is between 21 to 45 Years as per CNIC at the time of application submission. For IT/E-Commerce related businesses, the lower age limit is 18 years, holding at least minimum Matric or equivalent education.
- Valid CNIC
- No prior history of non-payment
- No criminal record
- No gender discrimination is encouraged, So men, women, and transgender can apply.
DOCUMENT REQUIREMENTS
The applicant must have pictures / scanned copies of the following documents, whichever relevant, before starting their application:
- Clear Visible Picture
- CNIC – Front and Back separately
- Reference / Consumer Number of Electricity connection Installed at Residential address
- Registration number of any vehicle registered in your name or the parent’s name in case of females.
- Two References
- Other government and bank requirements will be added after the initial consultation.
ADDITIONAL DOCUMENTS FOR EXISTING BUSINESSES
- Latest Financials – Signed
- Recommendation Letter from Chamber / Trade Body / Union / Association
- Reference / Consumer Number of Electricity connection Installed at a business address
- Bank Account Statement or Bank Maintenance Certificate