Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The central bank of Bangladesh Thursday eased some rules related to implementation of the corona recovery stimulus package dedicated to cottage-micro-SME sector, as they had faced odds in accessing the subsidized funds.
Earlier, the Prime Minister had announced Tk 200 billion worth of stimulus exclusively for the CMSMEs, which mostly remained undisbursed.
Of the total allocation, some 70 per cent will go for cottage, micro and small enterprises while the remaining 30 per cent for medium sector, the BB circular says in apportioning the package.
Of the 70 per cent, 65 per cent should be disbursed for production and service sub-sector while 35 per cent for cottage and micro-trading business.
There will be 8.0 percent loan reserved for women entrepreneurs.
The package will last up to June 30, 2022.
The banks should sanction the loans both for working capital and term loan.
The loanees will enjoy subsidiary for a period of one year.
The government will pay 5.0 per cent of the interest and the remaining 4.0 per cent to be paid by the borrower.
The Bangladesh Bank warns, "There will be no hidden charges, and if found, stern action will be taken against the banks and financial intuitions."
The repayment will be monthly and quarterly.
The BB circular says a defaulter will be deprived of the facility.
In another circulator the central bank said that the rawhide procurement without any compromised amount was fixed August 31, 20921. It now has extended by one month more up to October 31, 2021.