BRAC Bank makes SME financing more accessible to Agar-Attar entrepreneurs

BRAC Bank, under the guidance of Bangladesh Bank, organised a workshop for entrepreneurs in the Agar-Attar sector in Moulvibazar, says a press release.

The workshop focused on empowering entrepreneurs, raising awareness, and promoting product diversification among perfume manufacturers through collateral-free financing and customer engagement.

The bank initiated this awareness session as part of Bangladesh Bank’s CMSME cluster financing initiative.

As an SME-focused bank, BRAC Bank provides unsecured loans to SME entrepreneurs in the Agar-Attar cluster in Moulvibazar at single-digit interest rates.

BRAC Bank hosted the event on November 17, 2024, at a hotel in Borolekha, Moulvibazar, in accordance with Bangladesh Bank's directives.

Nawshad Mustafa, Director of the SME and Special Programmes Department at Bangladesh Bank, Head Office, was the chief guest at the program. Muhammad Nazmul Haque, Additional Director of the SME and Special Programmes Department, Bangladesh Bank, Head Office, and Suman Chandra Saha, Deputy General Manager of the SME Foundation, also attended the event.

Syed Abdul Momen, Deputy Managing Director & Head of SME Banking; Rezaur Rahman, Regional Head of the Sylhet Region, Distribution Network of BRAC Bank; and Md. Ansarul Haque, President of the Bangladesh Agar & Attar Manufacturers and Exporters Association, were present alongside entrepreneurs from this promising sector.

The traditional perfume industry in Moulvibazar, based on agarwood extractions, has significantly contributed to the financial development of local communities and earned valuable foreign currency through exports to Middle Eastern countries. Entrepreneurs in this sector had the opportunity to learn various strategies to improve their businesses and access easy financing.

Facilitating access to financing can help CMSME industries thrive in various industrial clusters across the country. Collaboration among government bodies, entrepreneurs, and banks can uplift these clusters and enable them to make significant contributions to the manufacturing sector and national development.