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.
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 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.