Small and Medium Enterprise Foundation (SME Foundation) on Monday signed an agreement with IDLC Finance Ltd to facilitate easy loans for the development of a plastic industrial cluster booming in the capital’s Islambagh, Chakbazar and Lalbagh areas.
SME Foundation managing director M Ihsanul Karim and IDLC managing director Selim H Rahman signed the deal on behalf of their respective organizations at a program at SME Foundation’s office.
Under the agreement, SME entrepreneurs functioning at the cluster - spread across a 5-6sqm area in the capital’s Islambagh, Lalbagh, Chakbazar localities- will receive loans at 9 percent interest rate.
The plastic industrial cluster in Islambagh, Chakbazar, Lalbagh areas consists of about 3,000 units and produces about 150 plastic goods, according to the SME Foundation.
This cluster is listed by the SME Foundation in its Cluster Mapping Program along with 176 more SME clusters across the country for loan assistance from the Foundation’s own fund.
The SME Foundation has already allocated Tk 3 crore loan for the entrepreneurs in Islambagh, Chakbazar, Lalbagh and adjacent areas. The loan scheme will be dealt by IDLC Finance Ltd.
SME Foundation has also facilitated easy loans to seven other clusters across the country under its Credit Wholesaling Program.
Besides, the Foundation is conducting Gunabati Program in association with Mutual Trust Bank Ltd to provide easy loans to women entrepreneurs.
So far, SME Foundation has facilitated 520 entrepreneurs across the country with a total finance of Tk 19.80 crore.