Prime Bank, BCS pair up for collateral-free MSME financing to ICT entrepreneurs

Prime Bank Limited and Bangladesh Computer Samity (BCS) have joined hands to facilitate micro, small and medium enterprise (MSME) financing for ICT companies, without collateral, according to a press statement.

The Prime Bank-BCS Alliance to Facilitate MSME Financing to ICT Industry partnership will enable easy access to finance for ICT hardware and accessory companies as they prepare for the next step of expansion against the backdrop of the government's vision of Digital Bangladesh, it reads.

It will be a big boost for the country's booming ICT/ ITES industry as eligible BCS members can now avail collateral-free loans up to Tk50 lakh and other tailor-made financing solutions.

Prime Bank Managing Director and CEO Rahel Ahmed as well as President of BCS Md Shahid-ul-Munir formally launched the alliance at a virtual press conference on July 21, 2020.

Salman F Rahman, MP, private industry and investment adviser to the prime minister, joined the program as the chief guest.

Under the arrangement, the IT firms will get working capital (CC, OD and demand loans), term loans for fixed asset purchases and capital expenditures, international trade solutions–LC, LATR, IDBP, etc.–bank guarantees, work orders, and more, reads the press release.

They can also avail a wide range of deposit products and free internet banking, called Altitude, to conduct a broad range of e-transactions. They will need two-years of business experience and an introduction letter from BCS.

The companies can apply for loans from the comfort of their office or home as Prime Bank has assigned dedicated relationship managers for exclusive service for valued BCS members.

The partnership between BCS and Prime Bank will create a facilitating business ecosystem for thousands of MSME entrepreneurs in the ICT industry, who are members of the trade association, adds the press release.

Commenting on the alliance, Rahel Ahmed said, "Prime Bank is fully aligned with the government's vision of making a Digital Bangladesh as the country sets its sights on becoming a middle income country. The ICT hardware and accessory industry holds immense potential for becoming a game changer for Bangladesh economy."

He continued, "We are so proud that we have been able to form partnerships with key trade associations in the field of ICT and ITES–BASIS, e-CAB, ISPAB, BACCO, and now BCS. The partnerships bear testimony to Prime Bank's strong commitment to the growth journey of promising ICT and ITES industry."

Prime Bank's leadership in ICT financing coincides with a number of prestigious international accolades for the bank such as "Best Digital Bank" from AsiaMoney, "Excellence in Leadership in Asia 2020" from Euromoney and "Best Bank in Bangladesh" Awards from Global Finance–all in 2020, the year that marks 25 years of the fabulous journey of the bank, continues the statement.

BCS Vice President Md Jabedur Rahman, BCS Secretary General Mohammed Monirul Islam, Prime Bank's Head of MSME Banking Syed M Omar Tayub, and Head of Brand and Communications Nazmul Karim Chowdhury were also present at the virtual event.