Bank Asia, SME Foundation sign deal to facilitate easy financing for SME entrepreneurs

Bank Asia PLC and SME Foundation have recently signed two agreements aimed at providing SME entrepreneurs with access to financing on easy and affordable terms, according to a press release.

Under the SME Foundation’s Refinance Fund through the Credit Wholesaling Program, entrepreneurs will be able to avail loans at an interest rate of only 8%. Additionally, under a program supported by JICA through Bangladesh Infrastructure Finance Fund Limited (BIFFL), SME entrepreneurs will be able to access loans at an interest rate of 9%.Representing Bank Asia, Mr. ANM Mahfuz, Additional Managing Director, and Mr. Mohammad Saifuddowla, Head of Small Business Division, attended the event.

The agreement signing ceremony was presided over by Mr. Md. Obaidur Rahman, Chairman of SME Foundation and Secretary of Industries. The Chief Guest at the event was Mr. Khandakar Abdul Muktadir, Honorable Minister of Industries, Commerce, and Textiles & Jute.

Also present were Ms. Nurun Nahar, Deputy Governor of Bangladesh Bank; Ms. Nasreen Fatema Awal, Member of the Board of Directors of SME Foundation; Mr. Anwar Hossain Chowdhury, Managing Director of SME Foundation; Mr. Md. Nazim Hasan Sattar, Deputy Managing Director of SME Foundation; and Mr. Suman Chandra Saha, Deputy General Manager of SME Foundation, along with Managing Directors and representatives from 15 banks and financial institutions.

Through the Credit Wholesaling Fund agreement of SME Foundation, financing facilities will be extended at concessional rates to SME entrepreneurs across the country, including those in production sectors, clusters, and women entrepreneurs. Under the JICA-supported fund agreement, loans and investment facilities will also be provided to entrepreneurs in agro-based industries and food processing sectors in Bangladesh.

These agreements have been signed with the objective of promoting inclusive and sustainable economic growth by enhancing access to finance for SME entrepreneurs. Senior officials from both organizations were present on the occasion.