SME Foundation, Midas Financing sign Tk15cr deal
Midas Financing will charge 9 percent for the loans to the SMEs
The SME Foundation will lend Tk15 crore to Midas Financing Ltd, which will provide low-cost and mortgage-free credits to small, medium entrepreneurs (SMEs) and women entrepreneurs across the country.
Non-bank financial institution Midas Financing Ltd will charge 9 percent for the loans to the SMEs.
The SME Foundation and Midas Financing Ltd signed two separate deals in this regard on Thursday.
SME Foundation Managing Director Md Safiqul Islam and Midas Financing Managing Director Mustafizur Rahman signed the deals on behalf of their respective organisations.
According to the arrangement, women entrepreneurs in the manufacturing sector will get Tk10 crore, while entrepreneurs of Bogura light engineering cluster will get Tk5 crore in five years.
Each entrepreneur will be eligible to get lowest Tk1 lakh to highest Tk25 lakh mortgage-free loan.
The three-year term credits will be provided for working capital, capital machinery and technology development. The SME Foundation and the Bangladesh Bank recently signed a deal under which the central bank will provide the SME Foundation Tk50 crore for the special credit scheme.
