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Borrowers will not be able to borrow from funds that the government has declared an incentive to deal with the economic problems caused by the coronavirus. Not only bankruptcy, but also entrepreneurs who have refinanced more than three times, will not get loans from this fund. Under this condition, the Bank of Bangladesh on Sunday issued the policy of the current capital fund of Tk 1 crore in the industry and services sector. The loan will have a term of three years, but the government will pay half or half percent as interest in the first year. Banks will provide the loan in accordance with the loan policy of the respective fund.
The notice states that Prime Minister Sheikh Hasina, on April 3, will grant low-interest loans through the banking system to revive the country’s economic activities, maintain a labor-intensive job and maintain the competitiveness of entrepreneurs in the face of the possible economic impact of Bangladesh due to the coronavirus outbreak. Announced financial assistance of Tk 1 crore to provide working capital or current capital facilities for the facility.
Under this package, banks will provide loans to coronavirus-affected industries and the service sector based on bank-client relationships with their own funds. It has been announced that the package supports the interest burden of the affected industries and the service sector as current capital. At the customer level, the interest will be 3 percent. Half or half of the government will provide interest subsidy.
In accordance with the policy, these loan banks must be approved in accordance with their own loan policy and for each loan, consent must be obtained from the banking regulations and policies of Bangladesh Bank. Interest paid by the government will be paid by Bangladesh Bank. The amount of money that a bank will receive from this fund will depend on the amount of credit that it has granted in the two sectors of the bank.
The package will expire for three years. However, a customer will get a maximum interest subsidy of one year. Only organizations affected by the coronavirus will be covered by this benefit. No client will obtain a loan under this facility. Again, more than three times the loan has been refinanced, no client can make use of the capital facility. Operators who have not yet received a line of credit from the bank but are affected will also be able to obtain loans from this fund. For this reason, the rating of your financial statements must be at least marginal or marginal. The institutions that will obtain the loan will use it to administer the normal activities of the institution. This loan cannot be used for business expansion or for new business.
The amount of loan an organization receives from the fund was determined. Institutions that have already withdrawn the bank’s existing capital may not obtain more than 5% of the funds.
If many affected companies apply to banks, the most affected companies will obtain this line of credit first. Next year, other institutions will have to provide this facility. No one can be given more debt by violating a single customer loan limit. The bank is responsible for collecting the loan. If money cannot be collected, it must be classified according to the appropriate means to guarantee the provision or security deposit.
On April 8, Prime Minister Sheikh Hasina announced an 8 billion Tk package to overcome the possible economic impact of the coronavirus outbreak. From this, a loan provision of Rs 3 billion is granted for existing capital for affected industries and service sector organizations. The loan’s interest rate is 3 percent, half of which will be paid by the government to the bank in question.
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