Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
BRAC Bank Limited and SME Foundation signed an agreement to provide SME loans to the entrepreneurs of the hosiery cluster in Gaibandha.
Under the agreement, BRAC Bank and the SME Foundation will partner to offer working capital financing to the entrepreneurs at preferential rates, according to a press release.
Managing Director and CEO of BRAC Bank Selim R. F. Hussain (left) and Managing Director of SME Foundation Md. Safiqul Islam signed the agreement at SME Foundation office in the capital on Wednesday. General Secretary of Nayarhat Hosiery Industry Entrepreneurs Association A. K. Sheikh Mufakkhar Hossain was also present.
Hundreds of factories at the hosiery cluster at Gobindaganj in Gaibandha employ more than 100,000 workers, said the press release.
The hosiery cluster flourished over the past 70 years in the area and now generates an annual turnover of Tk 5.0 billion. The cluster meets a sizeable domestic demand for sweaters, cardigans, warm clothes for children, blankets, caps etc.
The entrepreneurs would be provided with loans ranging from Tk 50,000 to Tk 1.5 million without any collateral.
The financing by BRAC Bank is expected to play a catalytic role in enhancing manufacturing growth and expanding the cluster further.
BRAC Bank's branch and strong SME Unit Office network would facilitate door-to-door services and quick loan disbursements.