BRAC Bank, SME Foundation teamed up to help small businesses recover

BRAC Bank has teamed up with SME Foundation (SMEF) for providing loans to the cottage, micro, small and medium enterprises (CMSMEs) under the government's second phase of stimulus package to help small businesses recover from the impact of the pandemic. BRAC Bank and SMEF have signed an agreement on this recently.

SME Foundation will provide Tk 2 billion to the participating banks and non-bank financial institutions (NBFIs). Of the total fund, BRAC Bank alone will avail Tk 500 million which will be disbursed to the entrepreneurs at a subsidised rate of 4 per cent.

Earlier, in the first stimulus package of Tk 1 billion spearheaded by SME Foundation, BRAC Bank disbursed BDT 40 crore to the CMSMEs across the country.

Welcoming the second phase of the stimulus package, BRAC Bank’s managing director and chief executive officer (CEO), Selim RF Hussain said, “As an SME-focused bank, BRAC Bank is committed to ensure easy access to finance to the entrepreneurs at the grassroots. In view the pandemic, we have redoubled our efforts to provide much needed fund to the CMSME entrepreneurs.”

“We believe this subsidised credit from SME Foundation will rejuvenate the industries and help them take productivity to the pre pandemic level,” he said.