JS Bank Offers Subsidized Financing to Startup Founders at NIC Karachi

Karachi, 27th Feb, 2019: JS Bank, one of the nation’s fastest growing banks has joined hands with National Incubation Centre (NIC), a state-of-the-art incubation center managed by leading Technology Company, LMKT to extend subsidized loans to the Center’s pool of entrepreneurs under the Prime Minister Youth Business Loan (PMYBL) program.

The facility aims to support start-ups through financing offered at an attractive markup rate of just 6% per annum. Founders aged between 21 and 45 years, associated with NIC Karachi, are eligible to apply for this scheme. The facility aims to support start-ups through financing offered at an attractive markup rate of just 6% per annum. Founders aged between 21 and 45 years, associated with NIC Karachi, are eligible to apply for this scheme. Through this partnership, JS Bank, one of the Nation’s fastest growing banks, collaborated with NIC Karachi, a state-of-the-art incubation center managed by leading technology company, LMKT, located at NED University of Engineering & Technology Karachi, to extend financing facilities to the entrepreneurs.

The facility aims to subsidize the cost of potential start-ups at a very attractive markup rate of 6% per annum. Founders aged between 21 and 45 years, associated with NIC Karachi, are eligible to apply for this scheme.

Reflecting upon the partnership, Babbar Wajid, Head of Product Development & Business Management – JS Bank stated, “Our alliance with NIC reflects upon the role we have been playing in development of small and medium enterprise across the country. I am confident as this partnership evolves we would enable startups to launch their operations more conveniently through access to finance at affordable rates”

Shahjahan Chaudhary, Director NIC Karachi, expressed his optimism about the future of this partnership and commented, “Financing is one of the key obstacles that entrepreneurs face as they work to get their idea off the ground. Through this initiative with JS Bank, we will not only secure the future of our very talented youth but also the future of our country.”

Through this alliance, JS Bank will further promote economic growth and create opportunities for young entrepreneurs in the future.

About JS Bank:

JS Bank is one of the fastest growing banks in Pakistan, with 345 branches in 172 cities. The Bank also has an international presence and is a leading player in the digital banking space. JS Bank has received the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017. The Bank is part of JS Group, one of the Pakistan’s most diversified and progressive financial services group. For more information, please visit http://www.jsbl.com.

About NIC Karachi:

National Incubation Center, Karachi is operated by a consortium that is led by award-winning full-service technology company LMKT (www.lmkt.com) and includes PTCL, NED, Habib Bank Limited and Pakistan Poverty Alleviation Fund, PPAF. The center is funded by the Ministry of IT&T and Ignite Fund (formerly known as National ICT R&D Fund) under their National Incubation Center Program. For more information about NIC Karachi please visit: http://www.nickarachi.com/

JS Bank has joined hands with National Incubation Centre (NIC), a state-of-the-art incubation center managed by leading technology company, LMKT. The MoU was signed by Babbar Wajid, Head of Product Development – JS Bank and Shahjahan Chaudhary, Director – NIC Karachi along with other team members.