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Quick Disbursement of Stimulus Package

SME Foundation for closing banker-entrepreneur gap

  • Staff Correspondent
  • 18 November, 2021 12:00 AM
  • Print news
SME Foundation for closing banker-entrepreneur gap

SME Foundation has narrowing banker-entrepreneurs gap for quick disbursement of stimulus package loans announced for the SMES to recoup losses of corona pandemic.

SMEF Managing Director Dr Md Mofizur Rahman came up with the suggestion at a SME entrepreneurs-bankers loan matchmaking event held in Rangpur on Wednesday.

The foundation organised the event to remove hurdles to SMEs’ getting stimulus loans, says a release. 

It has signed deals with 19 banks and financial institutions to disburse Tk 2 billion loans among SMEs under the second stimulus package in the current fiscal year.

It disbursed Tk 1 billion stimulus loans in 2020-21 fiscal year.

Interest rate of the loans will be 4 percent and an entrepreneur will be able to take Tk 1 lakh to Tk 50 lakh loans with up to Tk 25 lakh collateral-free.

Rahman urged the SME entrepreneurs to submit necessary documents at the banks for easily getting the stimulus package loans.

It would be helpful for the small entrepreneurs, if banks and FIs hang loan conditions and information at their branches, he also observed.

The SMEF boss also put emphasis on making entrepreneurs and bankers more aware of the foundation’s policy with regard to stimulus loan distribution.

General Manager of Bangladesh Bank Mohammad Jamal Uddin and Rajshahi Krishi Unnayan Bank (RUKUB) general manager Md Babar Ali joined the event moderated by SMEF deputy general manage Suman Chandra Saha. 

Mofizur Rahman claimed that more than 30 percent SMEF loans recipients are women entrepreneurs even though the rate is below 6 percent for the Tk 200 billion stimulus loans announced by the government for CMSMEs.

Entrepreneurs of prioritized SME sub-sector and clusters, women entrepreneurs, new entrepreneurs who are yet to get bank loans, handicapped or third gender and entrepreneurs of lagging tribal regions will get preference in SMEF’s second package loan distribution policy, according to the foundation.