BB relaxes ESF guidelines

Bangladesh Bank (BB) on Sunday issued a circular amending the guidelines for the Entrepreneurship Support Fund (ESF).

The amendments relax ESF conditions by cutting fees for application, defining women entrepreneurs and reduction of land areas for agriculture farms.

The circular said the entrepreneurs will now be required to submit EOI at a cost of Tk 2,000, down by Tk 3,000.

Under the amendment, women entrepreneurs who own 51 per cent share and hold the position of managing director, will be treated as women entrepreneurs.

The amendment said they will consider the value of gold mentioned in the income tax returns to raise the financial strengths of the entrepreneurs.

It also defines family members of entrepreneurs saying husband/wife, son, daughter, father and mother, brother and sisters will be considered as family members.

ESF fund is given to entrepreneurs involved with food-processing, agricultural industry and ICT.