BB measures to aid small businesses: FBCCI
The country's apex trade body has welcomed the central bank measures that targeted at channelling funds to smaller businesses hit hard by the coronavirus pandemic.
Banks and institutions have also been urged to disburse loans in the shortest possible time by adopting the easiest procedure possible in every steps from getting application to loan disbursement, said the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in a statement yesterday.
In addition, it lauded the Bangladesh Bank instruction to transfer all interest and profit on all sorts of loans and investments imposed between April 1 and could 31 to interest-free blocked accounts.
"The FBCCI believes the business enterprise community will particularly take advantage of the facility," it said.
On April 5, Prime Minister Sheikh Hasina declared a financial assistance package of Tk 20,000 crore to introduce low-interest working capital loan through the banking system with a view to retaining the capacity of cottage, micro, and small and medium enterprises (CMSMEs) and jobs.
Following a prime minister's announcement, FBCCI President Sheikh Fazle Fahim submitted a proposal to the BB.
"Almost all of the CMSMEs eligible for the working capital loan and investment facility have minimal infrastructure and relationship with bankers in comparison to others," he said in the statement.
So, if these entrepreneurs were selected after reviewing basic standards, financial statements and internal credit risk rating system, many would neglect to meet qualifications, he said.
He also called for an easy access to credit for all newspapers and television set stations.
