Bangladesh Bank executive director and spokesperson Sirajul Islam confirmed the matter to Prothom Alo, saying, “To get the stimulus, new the clients will need to contact the banks and finance companies.”
According to Bangladesh Bank policy, beneficiaries among the CSMEs of the first-phase stimulus will not access loan again.
As the financing institutions–banks and finance companies–completed the first phase of the government-announced stimulus distribution, the government for the second time has announced a Tk 200 billion-stimulus designed for the CSMEs.
The five finance companies will distribute Tk 6.55 billion while the rest will be distributed by the scheduled banks. Bangladesh Bank gives approval to the financing institutions to arrange the low interest loan from it and sets limits on their loan disbursement.
In fiscal 2021-22, IDLC Finance Limited will lend Tk 3.20 billion, highest among the designated finance companies, to CSMEs. Lanka Bangla Finance will lend Tk 1.70 billion, IDPC Fianance Tk 850 million, United Finance Tk 700 million and Agrani SME Tk 100 million.
Lanka Bangla Finance divisional head (SME) Kamruzzaman told Prothom Alo that his company distributed Tk 1.40 million as loan among 1,400 clients in previous fiscal 2020-21. For the second phase, Lanka Bangla Finance officials at 27 branches and 37 districts will facilitate the loan distribution process.
“We are looking for new clients. Restricting the previous beneficiaries from the stimulus might affect the second time distribution,” Kamruzzaman said
In fiscal 2020-21, the government set a target to distribute Tk 200 billion as loan among the CSMEs. Finally, Tk 150 billion as loan was distributed among 95,733 CSMEs.
Bangladesh Bank has relaxed conditions for CSMEs to access loan.
Previously, the loan receivers only could access working capital. From fiscal 2021-22, they can get term loan also.