SME Foundation has assigned 11 banks and non-bank financial institutions (NBFIs) to disburse Tk 3.0 billion as loan among the pandemic-hit cottage, micro, small and medium enterprises (CMSMEs) of different sectors under the stimulus package.
Of the total Tk 3.0 billion allotted for SME Foundation under the government declared Tk 27 billion package, Tk 1.0 billion will be disbursed before June and Tk 2.0 billion in the upcoming fiscal year 2021-22.
According to the Foundation, the designated banks and NBFIs - Brac Bank, Premier Bank, Mutual Trust Bank, Bank Asia, South East Bank, Dhaka Bank, Dutch Bangla Bank, Prime Bank, BASIC Bank, IDLC Finance and Lanka Finance - will disburse the fund among the pandemic-hit entrepreneurs following a policy guideline and agreed modality.
Besides, efforts are also going on to sign agreements with Bangladesh Krishi Bank, Rajshahi Agriculture Development Bank and the similar government and private entities to disburse the fund in different remote and rural areas.
The Foundation in its last board meeting in March approved a policy guideline to facilitate the banks and NBFIs in disbursing the fund allocated for the SME Foundation under the government declared Tk 27 billion stimulus package for CMSMEs.
According to the policy, entrepreneurs in rural and remote areas and those who are yet to get any fund from the first stimulus package, will get priority. Some 25 to 30 per cent of the recipients would be women entrepreneurs.
Entrepreneurs in SME sub sector, trade body and groups, including underprivileged and transgender entrepreneurs, would also be eligible for getting the loan at 4.0 per cent interest rate.
The loan amount will be from Tk 100,000 to Tk 7.5 million, to be disbursed based on the bank-client relations and mutual agreement on monthly instalment basis up to 24 months. Group loans will also be released.
A press release issued by the SME Foundation on Tuesday said a focal point at each partner bank and NBFI will coordinate applications among the Foundation, respective branch and its head office and CMSME entrepreneurs.
