Prime Bank, BASIS to support ICT entrepreneurs

Prime Bank Limited and Bangladesh Association of Software and Information Services (BASIS) has joined hands to facilitate financing for ICT entrepreneurs.

The partnership is titled "Prime Bank-BASIS Alliance for ICT-MSME Financing Solution."

It will enable easy access to finance to the ICT and ITES companies as they prepare for next step of expansion against the backdrop of the government's vision of digital Bangladesh, according to a Basis press release sent on Tuesday.

"It will be a big boost for the country's booming ICT industry as eligible BASIS members can now avail collateral free loan up to Tk50 lakh and other tailor-made financing solutions, according to BASIS.

Under the arrangement, the IT firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc.

They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from BASIS.

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

Usually IT companies struggle to get bank loan due to existing credit assessment and mortgage issues. Now this partnership between BASIS and Prime Bank will create a facilitating business ecosystem for thousands of MSME businesses in ICT industry.

Prime Bank MD & CEO Rahel Ahmed and BASIS President, Syed Almas Kabir formally launched alliance through a virtual press conference on June 16, 2020. State Minister for ICT, Zunaid Ahmed Palak joined the program as the Chief Guest.

Speaking at the press meet, State Minister for ICT Zunaid Ahmed Palak MP said, "The banks have to continuously adopt new strategy and innovative technology. We are using digital technologies more at this time of Coronavirus. In this way, we have to enhance usage of ICT technology in our everyday life. Then we can make the Honorable Prime Minister Sheikh Hasina's vision of Digital Banking a reality."

The minister lauded the initiative of Prime Bank of providing up to BDT 50 lakh as collateral free loan to ICT companies at this time of great crisis. He reiterated the joint initiative by BASIS and ICT Division on five key areas: Idea, Model, Finance, Technology and Collaboration  

Commenting on the alliance, Managing Director and CEO of Prime Bank, Rahel Ahmed said, "ICT industry holds immense potential for becoming a game changer for Bangladesh economy. With overwhelming growth over past two decades, the ICT entrepreneurs forecast ICT sector becoming second highest foreign currency earner next to RMG in next few years. Prime Bank is committed to be a part of the growth journey of this promising industry."

Commenting on the partnership, BASIS President Syed Almas Kabir, said: "ICT companies has faced huge financial losses due to Covid-19 outbreak. The companies could not fully avail the government's stimulus package due to some complications. I thank Prime Bank for coming forward to offer financing solutions to the BASIS members at this difficult time. I am convinced our members will be greatly benefited for this alliance. We hope Prime Bank will continue the kind of financing support to ICT firms."