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BRAC Bank on Thursday has signed an agreement with SME Foundation for providing loans to the cottage, micro, small and medium enterprises under the government's second phase of stimulus package to help small businesses recover from the impact of the Covid-19 pandemic.
Under the agreement, 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 per cent, said a press release on Saturday.
In the first phase of Tk 100 crore stimulus package spearheaded by SME Foundation, BRAC Bank successfully disbursed Tk 40 crore to the (cottage, micro, small and medium enterprises) CMSMEs across the country.
Planning Minister MA Mannan, State Minister for Industries Kamal Ahmed Mojumder, State Minister for ICT Zunaid Ahmed Palak, SME Foundation Chairman Dr. Masudur Rahman, Managing Director Dr. Mafizur Rahman, high officials of different banks and NBFIs were present in the agreement signing ceremony.
BRAC Bank 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, said the release.
Selim RF Hussain said, "As an SME-focused bank, 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. We believe this subsidized credit from SME Foundation will rejuvenate the industries and help them take productivity to the pre pandemic level.”
