Hassan O Rashid, Head of SME Banking of Standard Chartered Bank, hands over the first SME collateral free Business Instalment Loan (BIL) to Mahbub Iqbal, Managing Director of AS Knitting Ltd in Dhaka recently.

Standard Chartered Bank has launched collateral free Business Instalment Loan scheme.

Under the scheme, the Bank would provide collateral free Business Instalment Loan up to Tk 10 million for Small and Medium Enterprises. The customers would be able to apply for the loan at any of the 26 branches and 17 kiosks of the Bank, said a press release.

“We remain committed to the development of SMEs by continuously addressing the entrepreneurs’ changing financial needs,” Hassan O Rashid, General Manager, SME Banking of Standard Chartered Bank said.

“During last 8 years in SME banking, we have brought many innovations, especially for small business segment. We are committed to help entrepreneurs achieve desired progress in all sectors and through efforts like this, we want to show that we are here for good cause”, he added.

The first loan was sanctioned to AS Knitting Limited, a knit manufacturer unit operating in the country since 2002.

Mahbub Iqbal, Managing Director of AS Knitting Limited said, “The loan offering was exactly what my company needed for its expansion and the fact that no cash or property security is required to avail this loan, which is its main feature”.

News: The Daily Sun/Bangladesh/19-Sep-12