President of the country’s apex trade organization FBCCI Sheikh Fazle Fahim on Monday said that they would remain involved in the working capital loan/investment disbursement process of the government-announced Tk 20,000 crore financial assistance package for cottage, micro, small and medium enterprise (CMSME) organisations.
He also said that the FBCCI (Federation of Bangladesh Chambers of Commerce and Industry, in its rarely used full form) would always strive to revive the economy by providing all possible assistance in case of any problem, according to a press release.
On April 5, Prime Minister (PM) Sheikh Hasina declared a financial assistance package of Tk 20,000 crore on low-interest for working capital loan/investment facility through the banking system to retain the capacity of CMSME entrepreneurs affected by the coronavirus and to keep the manpower working.
In light of her announcement, FBCCI President Sheikh Fazle Fahim submitted a proposal to Bangladesh Bank to make the loan/investment disbursement process easier for the entrepreneurs of CMSME as well.
“Most of the CMSME entrepreneurs, entitled to have the current capital loan/investment facility, have minimal infrastructures and relationship with bankers than those of the others. As a result, if these entrepreneurs were selected upon reviewing their basic standards, financial statements and ICRRS, many would fail to meet required qualifications to avail the loans and investment benefits,” he said.
Meanwhile, the FBCCI president said: “If the loan amount is not determined and the demand is not coordinated with it, we will not get desired results.”
The Prime Minister has already allocated Tk 70,000 crore as refinancing for the smooth implementation of loan/investment and other facilities under various financial assistance packages, announced so far, to keep economic activities uninterrupted during the Coronavirus pandemic, he added.
Fahim expressed gratitude to the Prime Minister and Finance Minister AHM Mostafa Kamal for the initiative.
The FBCCI proposal included that cottage, micro, small and medium enterprise (CMSME) organisations such as trade, factory, shop, dealer, retailer, distributor, pharmacy, restaurant, petrol pump, travel/tourism/resort, transport, fashion house, beauty parlour, women entrepreneur, saloon, small cottage and middle industry could avail the facility if recommended by the respective district chamber. Necessary recovery time will also be provided by the association.
He also urged easy access to credit for all media outlets.
Fahim called upon the individuals and organisations to inform FBCCI if any bank or financial institution does not provide proper assistance to them The FBCCI will also monitor the implementation of these guidelines.
Meanwhile, he said, a demand was also raised to facilitate media, newspapers, TV, trucks, cargo, launches, and backward exports, with the loan/investment facility on the basis of salary statements and as per the advice of the association concerned.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) believes the business community will particularly be benefited from the facility. The central bank took the initiative following the FBCCI’s proposal regarding easy loan access by entrepreneurs in the CMSME sector, the press release added.
As per the instruction, separate help desks will be set up in each branch of the bank/financial institutions to assist the entrepreneurs so that information about financial aid packages can be found easily.UNB