SME Foundation disburses Tk113cr under stimulus package
Through 12 banks and financial institutions 2,089 entrepreneurs from 25 clusters and six client groups have so far gotten the SME loan, of which 517 are women
The SME Foundation has so far released Tk113.30 crore out of its recently allocated fund of Tk300 crore to boost the cottage, small and medium enterprises in the second phase of corona crisis.
Through 12 banks and financial institutions, 2,089 entrepreneurs from 25 clusters and six client groups have so far gotten the SME package, of which 517 are women.
SME Foundation Chairman Professor Md Masudur Rahman and Managing Director Md Mofizur Rahman revealed the information at a virtual view exchange meeting with the managing directors of partner banks and financial institutions on Thursday.
Keep updated, follow The Business Standard's Google news channel
Additional Secretary to the Finance Department Md Azizul Alam was present at the meeting held at the SME Foundation on Thursday.
The meeting was informed that Prime Minister Sheikh Hasina has recently approved two fresh stimulus packages worth Tk2,700 crore to revive the SME industries and improve the living standards of marginalised population including the ultra-poor widows and the elderly facing the raging effects of the pandemic.
Under the new packages, the SME Foundation has been allocated Tk300 crore.
Md Mofizur Rahman said the loan demand has been estimated by selecting 100 potential clusters among which the quick loan of Tk300 crore will be given.
Banks and financial institutions are pre-financed from the SME Foundation for the disbursement of loans under the credit wholesale programme.
The maximum interest rate on this unsecured loan is 9%. Under the package, loans ranging from Tk50,000 to a maximum of Tk25 lakh are given.
There is an opportunity to repay this loan in monthly installments for a maximum period of four years.
In addition to loans, the SME Foundation provides essential non-financial services to the entrepreneurs.
The SME incentive package is being disbursed through 12 banks and two non-bank financial institutions.
These institutions include Mutual Trust Bank, NCC Bank, Eastern Bank, Trust Bank, Bank Asia, Dhaka Bank, Brac Bank, NRB Bank, United Commercial Bank, Southeast Bank, Midas Financing and IDLC Financing.
