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IPDC joins SME Foundation for disbursement of CMSME loan

Published : Tuesday, 25 June, 2024 at 12:00 AM  Count : 265
Business Desk
IPDC Finance and SME Foundation signed agreement for disbursement of the third phase of the revolving fund under Prime Ministers stimulus package; which aims to disburse an additional BDT 450 crore in loans to Cottage, Micro, Small, and Medium Enterprises (CMSMEs).

IPDC Finance plays a pivotal role in this significant financial empowerment effort, says a press release.

The event was attended by several high profile guests, including Zakia Sultana, Senior Secretary in the Ministry of Industry; Md. Abdur Rahman Khan FCMA, Secretary of the Financial Institutions Division and  Md. Masudur Rahman, Chairperson of SME Foundation.

Rizwan Dawood Shams, Managing Director of IPDC Finance; Mohammad Mahmudur Rahman Shawon, Head of SME, IPDC Finance, managing directors of participating banks and financial institutions and  representatives of SME Foundation were also present in the event.  

The program is part of the Prime Ministers stimulus package and SME Foundations revolving fund, which is dedicated to supporting development of CMSMEs in Bangladesh in backdrop of the impact of COVID-19 pandemic.

Under this initiative, IPDC Finance will administer loans at 6 percent interest, with no collateral for loans up to BDT 10 lakh. The disbursement strategy includes a commitment to allocate at least 30 percent of the funds to female entrepreneurs and 10 percent to entrepreneurs within CMSME clusters.

The program allows loans up to BDT 25 lakh for entrepreneurs, with a maximum of BDT 50 lakh available to purchase capital machinery.

The agreement includes participation from 19 banks and 4 financial institutions, encouraging them to offer collateral-free loans primarily targeting the manufacturing and service sectors.
 
This collaborative effort aims to provide accessible and affordable financing solutions to empower entrepreneurs, drive economic growth, and support sustainable business practices in Bangladesh.

Rizwan Dawood Shams, said on this occasion "We are proud to be a part of this crucial program that aims to support and uplift the CMSME sector in Bangladesh.

By providing accessible and low-cost financing solutions, we are committed to empowering entrepreneurs and contributing to the countrys economic growth and sustainability."

He said this agreement signing marks a significant milestone for both IPDC Finance and the SME Foundation. Through this collaborative effort, IPDC Finance reaffirms its commitment to fostering the growth of CMSMEs in Bangladesh.



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