SME credit portfolio of BRAC Bank has crossed Tk 5,000 crore mark for the first time. BRAC Bank is witnessing remarkable growth in SME portfolio from beginning of the year with increase by Tk 712 crore as till Tuesday, says a press release.   The growth is attributed to consistent credit demand for new small business start-ups and expansion at grassroots level as more and more entrepreneurs are being able to have access to SME loan thanks to SME-focused initiatives of Bangladesh Bank, SME Foundation and trade bodies.

Syed Mahbubur Rahman, managing director and chief executive officer of BRAC Bank, said, “As a SME-focused bank, we have witnessed phenomenal growth in SME credit that boosts national economy.”

Bangladesh Bank in assistance from Japan International Cooperation Agency (JICA) has recently started a Tk 415 crore refinancing scheme to provide easy loan to SME entrepreneurs.

“In its 11 years of operations, BRAC Bank has disbursed Tk. 22,000 crore loan to 4 lakh SME entrepreneurs across the country and 92per cent of these loans are collateral free. The finance has created direct employment to 13 lakh people. BRAC Bank also extended support to 8,000 women entrepreneurs with Tk. 360 crore loan till date. With these efforts, BRAC Bank has now become synonymous with SME Financing,” said Rahman.

News: The Daily Independent/Bangladesh/6th-Dec-12