SME Foundation, the apex institution for SME development in the country will pre-finance Tk 5.0 crore to IDLC Finance Limited, a leading NBFI to deploy the fund to provide collateral free credit to eligible and potential micro and small entrepreneurs of Islambagh Plastic Cluster and adjoining areas at a single digit interest rate of only 9 percent.
SME Foundation signed a pre-finance loan agreement with IDLC Finance Limited at IDLC Finance Limited head office TODAY, 26 May 2015. This is the second phase of the loan agreement, IDLC has already disbursed collateral free low cost loan to 35 micro and small entrepreneurs of Plastic Cluster amounting Tk 3.0 crore wholly pre-financed by SME Foundation. SME Foundation will make the financing as part of its move for SME development in the country.
Managing director & CEO of IDLC Finance Limited Selim R. F Hussain and Managing director & CEO of SME Foundation Dr. Engr. Syed Md Ihsanul karim signed the agreement on behalf of their respective sides.
SM Shaheen Anwar; General Manager of SME Foundation, Mr. Zahid Ibne Hye, General Manager & Head of SME Department. IDLC Finance Ltd., Mr. S M Nurul Alam; Deputy General Manager, SME Foundation, and other senior officials from SME Foundation, IDLC Finance Limited and BPGMEA were present.
To be mentioned that through 9 Banks and NBFIs SME Foundation disbursed around 35.00 crore among 800 entrepreneurs of 10 SME clusters, clientele groups including 350 women entrepreneurs at single digit rate of interest across the country under its Credit Wholesaling Program.