The sector is doing business with new ventures after overcoming the loss of corona

Syed Abdul Momen: The CMSME sector suffered the most due to Corona. Almost all the businesses in the sector were on the verge of closure due to the shutdown of supply system across the country and nationwide lockdown. Institutions began to turn around again after the outbreak of corona subsided. Apart from this, CMSME business gets necessary working capital assistance as a result of government incentive package and other benefits. In this, CMSME sector is running the business with new initiative by cutting the loss of corona.Syed Abdul Momen: The government has set up a fund of Tk 20,000 crore to provide low interest loans to entrepreneurs in this sector. From this fund, all the banks and non-bank financial institutions of the country provide loans to the affected CMSMEs as working capital for business recovery. The highest number of CMSME companies in the country is in the trading sector. But due to the lowest allocation for the trading sector, it was not possible to provide loans to all the institutions in this sector as per the instructions of Bangladesh Bank.Syed Abdul Momen: The role of CMSME sector in the economic development of Bangladesh is immense. At present 90 percent of the country’s businesses are in this sector. The sector is directly contributing to the creation of about 75% of the country’s employment. The main goal of the CMSME sector is to improve the quality of life, create employment and alleviate poverty. This sector contributes about 25 percent to the overall GDP of the country. The overall management of the government and the country is satisfactory in the development of this sector.Syed Abdul Momen: About 52% of BRAC Bank’s loans have been disbursed to the CMSME sector. Since its inception, we have lent more than Tk 1 lakh crore to more than 1 million CMSME customers. As a CMSME-friendly bank, BRAC Bank’s main objective is to provide financial benefits to these customers. At present, a total of 3 lakh 95 thousand CMSME customers are availing banking facilities at BRAC Bank. Of which, loan facility of 1 lakh 64 thousand customers is running. At the end of last May, the loan disbursement in this sector was about 16 thousand crore. Apart from this, BRAC Bank is also playing a leading role in conducting foreign trade activities of SME customers.