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  • BB launches Tk 100cr fund for cottage, micro, small entrepreneurs
    BB launches Tk 100cr fund for cottage, micro, small entrepreneurs Frontier
    Frontier on Friday, June 27, 2014
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    Fresh entrepreneurs in country's cottage, micro and small sector will now have easy access to soft loan for their businesses, thanks to Bangladesh Bank for launching a new refinancing fund for the sector.

    Bangladesh Bank (BB) has launched the Tk 100 crore "refinancing fund for new entrepreneurs in Cottage, Micro and Small sector", said a BB circular issued today.

    Women entrepreneurs, innovative and creative entrepreneurs, ICT sector, import alternative initiatives, export-oriented initiatives and educated related initiatives of entrepreneurs educated with technical education will get priority for loans from this fund.

    Banks and non-bank financial institutions (NBFIs) will get the fund to provide loans to new entrepreneurs of cottage, micro and small sector. They will have to sign participation agreements with the SME and Special Programmes Department of the central bank if they are interested to introduce the new refinance facility in their banks.

    Funding support under the refinance scheme will be available for working capital, mid-term and long-term investment and the tenure will be one year, three years and five years.

    The interest will be 10 per cent (bank rate +5%) and banks and financial institutions which will have agreement with the central bank for disbursement of loans will give borrowers minimum 3 months and maximum 6 months grace period.

    According to the central bank, an individual entrepreneur will get maximum Tk 10 lakh loan without any collateral and any entrepreneurs will get Tk 25 lakh with collateral.

    Fresh entrepreneurs who are trained under different government and non- government entrepreneurship development programmes, including SME Foundation, Department of Youth Development, Bangladesh Women Chamber of Commerce and Industry, Dhaka Chamber of Commerce and Industry will be eligible for the loan from this fund.
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