Credit wholesaling programme of SME Foundation gets momentum

The ‘Credit Wholesaling Programme’ of the SME Foundation is getting momentum with significant rise in its credit recipients, according to SME Foundation official, reports BSS.

“The collateral-free loan under the programme has become more affordable for borrowers as it is being provided at 9.0 per cent rate of interest to help promote further the country’s small and medium enterprises,” Managing Director of the SME Foundation M Shofiqul Islam told the news agency.

He said the lending programme has so far created direct employment opportunities for around 5,000 people along with the generating another 10,000 indirect jobs.

Islam suggested that more communities should be associated with the activities of the SMEs in a bid to ensure industrial development and creating more employment opportunities.

The SME Foundation managing director also informed, till October 31, 2017, the Foundation following its agreements with 11 bank and non-bank financial institutions, have allocated around Tk 101.25 crore against some 19 clusters or cliental groups.

He said the number of SME Foundation credit recipients till October of this year reached 1,263 of which some 813 are male entrepreneurs while the rest of 450 are female entrepreneurs.

He said collateral free loan of maximum Tk 10 lakh and minimum Tk 50,000 is being provided to the SME entrepreneurs under this programme with highest nine per cent interest rate while this loan could be repaid in five years with easy installments.

Putting emphasis on the extension of the credit facilities of the Foundation, he said, “Allocations should be increased in this sector in favour of more industrial entrepreneurs. We’ve already applied to the Bangladesh Bank in this regard and we’re hopeful of getting another Tk 50 crore fund.”

 

Credit wholesaling programme of SME Foundation gets momentum

The Credit Wholesaling Programme of the SME Foundation is getting momentum with significant rise in its credit recipients, according to SME Foundation official, reports BSS. The collateral-free loan under the programme has become more affordable for borrowers as it is being provided at 9.0 per cent rate of interest to help promote further the countrys small and medium enterprises, Managing Director of the SME Foundation M Shofiqul Islam told the news agency. He said the lending programme has so far created direct employment opportunities for around 5,000 people along with the generating another 10,000 indirect jobs. Islam suggested that more communities should be associated with the activities of the SMEs in a bid to ensure industrial development and creating more employment opportunities. The SME Foundation managing director also informed, till October 31, 2017, the Foundation following its agreements with 11 bank and non-bank financial institutions, have allocated around Tk 101.25 crore against some 19 clusters or cliental groups. He said the number of SME Foundation credit recipients till October of this year reached 1,263 of which some 813 are male entrepreneurs while the rest of 450 are female entrepreneurs. He said collateral free loan of maximum Tk 10 lakh and minimum Tk 50,000 is being provided to the SME entrepreneurs under this programme with highest nine per cent interest rate while this loan could be repaid in five years with easy installments. Putting emphasis on the extension of the credit facilities of the Foundation, he said, Allocations should be increased in this sector in favour of more industrial entrepreneurs. Weve already applied to the Bangladesh Bank in this regard and were hopeful of getting another Tk 50 crore fund.