Brac Bank launches 'Uddom' solution for BCS members

Brac Bank, in partnership with Bangladesh Computer Samity (BCS), has launched a financial solution named "Uddom" to support the BCS members.

'Uddom' is a loan package and a financial solution meant for supporting the ICT sector and nearly 2,500 BCS members in their recovery from the consequences of the Covid-19 pandemic, read a press release issued by the bank. 

The inauguration ceremony of the loan package was organised on a digital platform on Saturday, where State Minister for Information and Communication Technology Zunaid Ahmed Palak was the chief guest.

Other eminent guests included Sonia Bashir Kabir, founder of SBK Tech Ventures, Md Shahid-ul-Munir, president, BCS, Mohammed Monirul Islam, secretary general, BCS, Selim RF Hussain, managing director and CEO of Brac Bank, and Syed Abdul Momen, head of SME, Brac Bank.

According to the press release, Uddom will enable BCS members to get unsecured loans of up to one crore taka at a 9% interest, while for women entrepreneurs, the interest rate will be 7%. Brac Bank will also install a booth for facilitating the deposit services. The bank's online SME business suite will help BCS member-clients to showcase their inventory and find better positioning for their products.

Brac Bank will also provide relevant document related support regarding obtaining membership for non-member clients, set up a dedicated SME helpline for BCS member-clients, and provide dedicated relationship officers in all the seven divisions, added the press release.

However, any interested ICT entrepreneur will need to have at least 2-year running BCS membership to avail of the facilities.

Zunaid Ahmed Palak said, "We consider BCS as an important stakeholder to achieve the vision of a Digital Bangladesh. I would encourage the BCS members to set up manufacturing and assembling plants for accessories and computer parts as well as smart devices," he added.

He promised to support Brac Bank-funded BCS members  to have spaces in the 28 high-tech parks and 64 Sheikh Kamal IT Training Incubation Centres.

Sonia Bashir Kabir said, "This will surely help reduce the four billion credit gap in the SME sector and help the SMEs to become more successful. I would encourage Brac Bank to simplify the underwritings for the small and medium entrepreneurs."

Brac Bank's MD and CEO Selim RF Hussain said, "We are the biggest collateral-free lender in the country and we'll continue this to ensure financial liberty and inclusion and play a positive role in making Bangladesh digital."

BCS President Md Shahid-ul-Munir said, "The ICT entrepreneurs, suffered a lot in the last few months. I thank Brac Bank for taking this noble initiative to stand by them. We will make progress together and establish 'Made in Bangladesh' a slogan of our international identity."

He also said at least 26 of their entrepreneurs have already launched the production of tech commodities.