SBP makes SMEConnect sole channel for SME financing applications from 1 November

The State Bank of Pakistan launched SMEConnect on 29 October as a digital platform for small and medium enterprises to apply for financing from banks and development finance institutions (DFIs). From 1 November, all SME financing applications must be submitted through the portal.

Applicants will be able to follow the progress of their applications in real time and see the reasons if a request is rejected. Businesses that approach a bank or DFI branch, or use an institution’s website to apply, will be directed to SMEConnect.

The portal’s dashboard will give the SBP real-time information on applications received, processed, approved, disbursed and rejected. Data will be available for individual banks and DFIs as well as across the industry.

Banks and DFIs have been asked to feature a link to the portal on their websites and ensure their SME teams and field staff can guide applicants. A tutorial video is also available on SMEConnect.