Prime Bank Limited and Internet Service Providers Association of Bangladesh (ISPAB) on Monday joined hands to facilitate financing for entrepreneurs in internet service.

The partnership titled “Prime Bank-ISPAB Alliance for ISP-MSME Financing Solutions” will enable easy access to finance to internet service providing companies as they strive for market expansion across the country.

It will be a big boost for the country’s ISP sector as eligible ISPAB members can now avail collateral free loan up to BDT 5 million and other tailor-made financing solutions, says a press release.

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Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee and Work Order.

They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from ISPAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued ISPAB members, the press statement said.

Prime Bank managing director and CEO Rahel Ahmed and ISPAB president Md Aminul Hakim formally launched the alliance through a virtual press meet.

Post and telecommunications minister Mustafa Jabbar, present as the chief guest, said, “With this financing initiative of Prime Bank, the earlier distance between banking and ICT sector has been removed.”

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The minister underscored the need for reducing cost of internet and importance of making internet affordable for the students and educational institutions.

Prime Bank’s MD and CEO Rahel Ahmed said: “We hope with the financing solution, the ISP companies will be able to expand their services to the unexplored areas and strengthen their presence across the country. Prime Bank is committed to be a part of the growth journey of this promising sector.”

Prime Bank’s head of MSME Banking Syed M Omar Tayub, head of brand and communications Nazmul Karim Chowdhury and ISPAB secretary general Md Emdadul Hoque were also present.