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BRAC Bank to provide Tk 500m soft loan to CMSMEs

  • Staff Correspondent
  • 19 September, 2021 12:00 AM
  • Print news
BRAC Bank to provide Tk 500m soft loan to CMSMEs
BRAC Bank Managing Director and CEO Selim RF Hussain exchanges documents after signing an agreement with SME Foundation in the capital on Thursday.

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BRAC Bank has teamed up with SME Foundation (SMEF) for providing loans to the cottage, micro, small and medium enterprises (CMSMEs) under the government's second phase of stimulus package to help small businesses recover from the impact of the pandemic.

BRAC Bank and SMEF have signed an agreement in this regard, said a press release.

SME Foundation will provide Tk 200 crore to the participating banks and non-bank financial institutions (NBFIs).

Out of the total fund, BRAC Bank alone will avail Tk 50 crore which will be disbursed to the entrepreneurs at a subsidized rate of 4 percent.

In the first phase of the Tk 100 crore stimulus package spearheaded by SME Foundation, BRAC Bank successfully disbursed Tk 40 crore to the CMSMEs across the country.

At the signing ceremony on Thursday, Planning Minister MA Mannan, State Minister for Industries Kamal Ahmed Mojumder, State Minister for ICT Zunaid Ahmed Palak, SME Foundation Chairman Dr. Md. Masudur Rahman, SME Foundation Managing Director Dr. Md. Mafizur Rahman, high officials of different banks and NBFIs were present. 

BRAC Bank’s Managing Director and CEO Selim RF Hussain spoke at the signing ceremony and signed the agreement on behalf of the bank.

The bank’s Deputy Managing Director and Head of SME Banking Syed Abdul Momen was also present.

BRAC Bank’s Managing Director and CEO Selim R. F. Hussain said: BRAC Bank is committed to ensure easy access to finance to the entrepreneurs at the grassroots. In view the pandemic, we have redoubled our efforts to provide much needed fund to the CMSME entrepreneurs.”

BRAC Bank Limited traded as ‘BRACBANK’ on Dhaka Stock Exchange has been one of the country’s fastest-growing banks since its inception in 2001 with a particular focus on the SME segment.