Brac Bank has teamed up with SME Foundation (SMEF) for providing loans to the cottage, micro, small and medium enterprises (CMSMEs) under the government's second phase of stimulus package to help small businesses recover from the impact of the pandemic.
Brac Bank and SMEF have signed an agreement on this regard on 16 September, reads a press release.
SME Foundation will provide Tk200 crore to the participating banks and non-bank financial institutions (NBFIs). Out of the total fund, Brac Bank alone will avail Tk50 crore which will be disbursed to the entrepreneurs at a subsidized rate of 4%.
In the first phase of the Tk100 crore stimulus package spearheaded by SME Foundation, Brac Bank successfully dispersed Tk40 crore to the CMSMEs across the country.
Planning Minister M A Mannan, State Minister for Industries Kamal Ahmed Mojumder, State Minister for ICT Zunaid Ahmed Palak, SME Foundation Chairman Dr Md Masudur Rahman, SME Foundation Managing Director Dr Md Mafizur Rahman, high officials of different banks and NBFIs were present.
Brac Bank's 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.
Welcoming the second phase of the stimulus package, Brac Bank's Managing Director and CEO 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 of the pandemic, we have redoubled our efforts to provide much needed funds 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."