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.
SME Foundation will provide BDT 200 crore to the participating banks and non-bank financial institutions (NBFIs). Out of the total fund, BRAC Bank alone will avail BDT 50 crore which will be disbursed to the entrepreneurs at a subsidized rate of 4%, a press release said.
In the first phase of the BDT 100 crore stimulus package spearheaded by SME Foundation, BRAC Bank successfully disbursed BDT 40 crore to the CMSMEs across the country.
At the signing ceremony on September 16, 2021, Planning Minister M AMannan MP, State Minister for Industries Kamal Ahmed Mojumder MP, State Minister for ICT Zunaid Ahmed Palak MP, SME Foundation Chairman Dr. Md. MasudurRahman, SME Foundation Managing Director Dr. Md. MafizurRahman, high officials of different banks and NBFIs were present.
BRAC Bank’s Managing Director and CEO Selim R. F. Hussain signed the agreement on behalf of the bank. Syed Abdul Momen, Deputy Managing Director and Head of SME Banking was also present.
Selim R. F. 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 the pandemic, we have redoubled our efforts to provide much needed fund 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.”
