Following the effective implementation of the stimulus package, the SME (Small and Medium-sized Enterprises) Foundation has requested a Tk300 crore grant to assist women businesses in overcoming the effects of the COVID-19 pandemic to continue and expand their businesses. In addition, given the National SME Policy-2019, Tk200 crore has been requested for COVID-affected women entrepreneurs in rural areas and Tk100 crore to develop a Women Entrepreneurship Development Fund. The article contains SME Foundation Seeks Tk300cr For Female Entrepreneurs.
The SME Foundation, which promotes the development of small and medium businesses, claims that the pandemic has harmed the country’s cottage, small and medium businesses the most and that entrepreneurs require credit support to overcome the effects. According to the foundation’s executives, the demand for loans is substantially higher, particularly among women entrepreneurs with limited resources. If loans are offered, entrepreneurs in small industries will be able to turn their businesses around by overcoming the coronavirus effect.
“Women entrepreneurs have suffered a lot in the pandemic. So financial support is needed to get over the impacts,” Md. Mafizur Rahman, managing director of the SME Foundation. Following the country’s coronavirus outbreak, the government proposed a Tk1,500 crore stimulus package to boost cottage, small, and medium industries and improve the living conditions of marginalized rural people.
SME Foundation was given a Tk300 crore allocation as part of this package, including Tk100 crore in the first phase of the previous fiscal year and Tk200 crore in the current fiscal year. The foundation, however, finished the disbursement of loans through private banks and non-bank financial organizations five months ahead of schedule due to the tremendous demand for loans among businesses.
The loan was given to 3108 entrepreneurs, most of whom were small and medium-sized businesses from underserved areas. Women made up 23.70 percent of the entrepreneurs.
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