Bengal Commercial Bank PLC has signed two participatory agreements with Bangladesh Bank to provide easier financing facilities to cottage, micro, small and medium enterprises under central bank refinancing schemes.
The agreements, signed recently under the “Financial Sector Fund for the Development of Micro, Small and Medium Enterprises (FSFDMSME)” and the “Cluster Financing Scheme”, will allow CMSME entrepreneurs to access financing at a 7 per cent interest rate under simplified terms, the bank said in a press release.
Under the arrangements, Bengal Commercial Bank will provide term loans and working capital financing to entrepreneurs operating in different industrial clusters through Bangladesh Bank’s Tk3,000 crore Cluster Financing Scheme.
The bank also joined the FSFDMSME programme, a Tk1,500 crore fund established by Bangladesh Bank to support development of the CMSME sector.
Entrepreneurs receiving financing under the FSFDMSME scheme will also be eligible for loans at a 7 per cent interest rate.
Bengal Commercial Bank Managing Director Tarik Morshed and Bangladesh Bank SME and Special Programmes Department Director Nawshad Mustafa signed the agreements on behalf of their respective organisations.
Bengal Commercial Bank Additional Managing Director and Chief Business Officer KM Awlad Hossain attended the signing ceremony.
Bangladesh Bank Deputy Governor Nurun Nahar presided over the event.
The bank said the agreements were aimed at improving access to affordable financing for small businesses and entrepreneurs across the country.
