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Disbursement of $30m SME loans soon

Workshop told

Star Business Report
The SME Foundation managing director (MD) has said it is set to disburse loans soon among small and medium enterprises at a 10 percent interest.
"We have decided to disburse loans to the SME entrepreneurs at a 10 percent interest, which would help the sector develop further,” Dr Mohammad Ayub Miah told a workshop in Dhaka yesterday.
Presently, 16 percent is the interest on SME loans.
The workshop on Fashion Design and Dress Making was organised by the SME Foundation at the Spectra Convention Center.
Miah said the total amount of loans that awaits disbursement is $ 30 million, of which 10 percent will go exclusively for women entrepreneurs, 80 percent for small entrepreneurs and the remaining 10 per cent will be reserved for utilising it in general.
Initially, the process will be started through BASIC Bank and Micro Industries Development Assistance and
Services (Midas), the workshop was also told.
The government received a $50 million grant from the Asian Development Bank (ADB) to support the SME sector in 2004, $30 million of which has been sanctioned as SME loans and $ 5 million for the entrepreneurs' training.
Earlier, the grant was preserved at the country's central bank, Bangladesh Bank. Recently the government decided to handover it to the SME Foundation and the fund is titled as Small Enterprise Fund(SEF).
Rokia Afzal Rahman, former adviser to the caretaker government and president of Bangladesh Federation of Women Entrepreneurs, emphasised promotion of traditional handlooms and professional training for the SME entrepreneurs.
"Fashion designers, who are also SME entrepreneurs, are promoting our traditional handlooms by using local motif in traditional wears and western dresses and different accessories,” she said addressing the workshop.
"Our good quality products are lagging behind the competition in world market due to the non-availability of timely design and patterns. An institution could help in this regard through imparting training to the designers,” Rokia added.
She appreciated the foundation's easy loan process saying that it would help strengthen the entrepreneurs' access to credit and support services, and also would contribute to sustainable economic growth and poverty reduction.
Bibi Russell, eminent fashion designer, urged the government to promote local craftsmen and make the loan disbursement process a hassle-free one for the women entrepreneurs to give a boost to the sector.
Khalid Mahmud Khan, director of Kay Kraft, a fashion house, and Sayeed Siddique, owner of Cat's Eye, were present at the workshop.
According to the SME Foundation, last year the SME sector contributed up to 25 percent of the GDP. It said around 25 percent of Bangladesh's total labour force-is engaged in this sector.