LAHORE, July 22: The Punjab Small Industries Corporation (PSIC) will process applications for loans in 10 days, providing all facilities to applicants under one roof.

The commercial banks have agreed to provide Rs1.20 billion to the corporation on the surety of the provincial government for disbursement among small and medium enterprises in the province on subsidized interest rates.

The applicants from South Punjab would get the loans on eight per cent interest rate while those from the central Punjab on nine per cent. The government is expected to bear a subsidy of Rs131.200 million during the current fiscal year.

The announcement was made by the provincial finance minister in his budget speech on June 24.

In the first phase, the corporation says, some 16,000 jobs are expected to be created throughout the province.