Bangladesh Small and Cottage Industries Corporation (BSCIC), an agency under the Ministry of Industries, will disburse Tk50 crore in incentive loans to cottage, micro, small and medium enterprise (CMSME) entrepreneurs affected by the Covid-19 pandemic.
BSCIC Chairman Md Mushtaq Hasan, NDC, has directed every regional and district office of the agency to disburse loans to CMSME entrepreneurs by 30 June from the special grant received from the Ministry of Finance under the financial incentive package in favor of BSCIC, read a press release on Monday.
An entrepreneur can take a loan of Tk10 lakhs without any collateral, and a maximum of Tk20 lakhs. 10% of the loan in the incentive package has been allocated for women entrepreneurs, it added.
The BSCIC chairman said, out of the Tk100 crore loan fund allocated in favor of BSCIC under the financial incentive package, Tk50 crore has been received as a special grant.
There is an obligation to disburse the money by 30 June. On Sunday, the BSCIC head office issued a letter instructing regional offices and BSCIC district offices across the country to disburse the loans on time, he said.
Besides, targets have been set for 100% implementation of the loan disbursement process.
The maximum interest rate at the customer level of this loan will be 4%. Entrepreneurs will be able to repay the loan in a maximum of two years in 18 monthly equal installments, with a grace period of six months.