Tk 50m SME Foundation loan handed over to MIDAS Financing
Friday, 18 May 2012
FE Report
The SME Foundation handed over a cheque for Tk 50 million Thursday to MIDAS Financing Ltd (MFL) under its 'credit wholesaling programme' to help promote small and medium entrepreneurs.
Rokia A Rahman, chairman of MIDAS received the cheque from Industries Minister Dilip Barua also chairman of SME (small and medium enterprise) Foundation.
An agreement to this effect was also signed between MIDAS and the Foundation.
Syed Rezwanul Kabir, managing director of SME Foundation and Shafique-ul-Azam, managing director of MIDAS Financing Ltd, signed the deal on behalf of their respective organisations.
The programme was initiated in 2009 with disbursement of collateral-free loans at an interest rate of 9 per cent, the lowest in the country, to help promote small and medium entrepreneurs.
"We want to disburse the loans for the entrepreneurs not for training programme," the minister, who is also the chairperson of the foundation, said adding a lack of capital and poor access to private sector loans are serious constraints for the SMEs.
"The government sincerely wants to support the country's SMEs. We are constantly working to identify new cluster to patronise the rural entrepreneurs," he added.
The MIDAS chairperson Ms Rahman said the fund will be disbursed among the light engineering entrepreneurs in Bogra and agriculture sector in Jessore.
The SMEF will offer funds mainly for the manufacturing sector at around 4.0 per cent interest rate to the MFL which will extend the loan to the SMEs at 9.0 per cent.
The SME Foundation handed over a cheque for Tk 50 million Thursday to MIDAS Financing Ltd (MFL) under its 'credit wholesaling programme' to help promote small and medium entrepreneurs.
Rokia A Rahman, chairman of MIDAS received the cheque from Industries Minister Dilip Barua also chairman of SME (small and medium enterprise) Foundation.
An agreement to this effect was also signed between MIDAS and the Foundation.
Syed Rezwanul Kabir, managing director of SME Foundation and Shafique-ul-Azam, managing director of MIDAS Financing Ltd, signed the deal on behalf of their respective organisations.
The programme was initiated in 2009 with disbursement of collateral-free loans at an interest rate of 9 per cent, the lowest in the country, to help promote small and medium entrepreneurs.
"We want to disburse the loans for the entrepreneurs not for training programme," the minister, who is also the chairperson of the foundation, said adding a lack of capital and poor access to private sector loans are serious constraints for the SMEs.
"The government sincerely wants to support the country's SMEs. We are constantly working to identify new cluster to patronise the rural entrepreneurs," he added.
The MIDAS chairperson Ms Rahman said the fund will be disbursed among the light engineering entrepreneurs in Bogra and agriculture sector in Jessore.
The SMEF will offer funds mainly for the manufacturing sector at around 4.0 per cent interest rate to the MFL which will extend the loan to the SMEs at 9.0 per cent.