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CMSMEs to get more loans from refinancing fund

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Business Desk :
The refinancing credit limit has been increased under the fund created for the cottage, micro, small and medium enterprise (CMSME) sector.
 This will enable entrepreneurs in the sector to avail more bank loans.
 For cottage, micro and small (CMS) enterprises the new highest ceiling for refinancing loans from this fund is a maximum of Tk3 crore and for medium industries it is Tk5 crore.
 Previously, the credit limit for CMS enterprises was Tk1 crore and for medium industries Tk3 crore.
 The Second Small and Medium Sized Enterprise Development Project (SMEDP 2) of the Bangladesh Bank issued a circular about the new ceilings on Tuesday.
 The circular said in the case of loans taken out as working capital, the refinancing facility used to be 30% of the total loan but has now been increased to 100%.   The refinancing period will be one year. The loan has to be repaid in two installments - one every six months.
 In November 2017, the Asian Development Bank (ADB) and the government set up a $240 million refinancing fund for the development of the CMSME sector.
CMSMEs located outside Dhaka and Chittagong are due to get loan facilities from this fund. Eligible projects or businesses will have the opportunity to refinance up to a maximum of 90% of the project cost from the fund.
 The fund is due to finance projects that do not harm the environment. The lending rate for women entrepreneurs has been set at 10% and for other entrepreneurs, the prevailing interest rates on the market will apply.
 Two-thirds of this fund are to be disbursed as loans to CMS industries. Of this, 15% of loans are reserved for projects or organisations that are run by women entrepreneurs.

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