Conditions to disburse loan from Tk500cr start-up fund
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Conditions to disburse loan from Tk500cr start-up fund

Banking

TBS Report
19 April, 2021, 09:50 pm
Last modified: 19 April, 2021, 09:52 pm

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Conditions to disburse loan from Tk500cr start-up fund

The SME and Special Programs Department of the central bank issued a circular in this regard

TBS Report
19 April, 2021, 09:50 pm
Last modified: 19 April, 2021, 09:52 pm
Representational image
Representational image

  

The Bangladesh Bank has set some conditions that banks have to fulfill in lending money from the Tk500 crore start-up fund of the central bank to create new entrepreneurs.

The SME and Special Programs Department of the central bank issued a circular in this regard on Sunday.

The circular said banks with 10 % or less default rate and having no deficit in capital adequacy and Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are eligible to join this refinancing fund of the central bank and will be able to lend the money from it.

Additionally, only the banks will be eligible for the loan disbursement if they have not exceeded the single borrower exposure limit, comply with the appropriate risk management and money laundering regulations and have at least one year of banking business experience.

However, in case of any bank being unable to fulfill these conditions, case to case application will be considered for refinancing subject to prior approval of the Bangladesh Bank.

The central bank on 29 March released the policy of the startup fund. According to the policy, apart from the Tk500-crore refinancing fund of the central bank, the banks would set up their own start-up funds with 1% of their operating profit.

Only innovative entrepreneurs aged between 21 and 45 years can take a maximum loan of Tk1 crore for a single initiative or project, with a guarantee of educational qualification or technical training as security from these two funds.

10% of the fund will be allocated among women entrepreneurs, it added.

The interest rate on the annual loan will be 4%. The term of the loan is five years. Loan installments have to be repaid only every three months or six intervals. The maximum grace period for loan repayment is one year.

Economy / Top News

start-up fund / start-up / loan / Loan disbursement

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