ONE Bank taps Tk 4,500cr BB funds to support small businesses

ONE Bank PLC has signed two agreements with Bangladesh Bank under the central bank’s Tk 4,500 crore refinancing schemes aimed at supporting the development of cottage, micro, small and medium enterprises (CMSMEs).

The schemes comprise the Tk 3,000 crore Cluster Financing Scheme and the Tk 1,500 crore Financial Sector Fund for the development of micro, small and medium enterprises (MSMEs).

The initiatives are designed to foster entrepreneurship, enhance financial inclusion, and support the growth of cluster-based industries and CMSMEs across the country.

Nawshad Mustafa, director of the SME and Special Programmes Department of Bangladesh Bank, and Kazi Ziaul Islam, deputy managing director of ONE Bank PLC, signed the agreements at the BB headquarters in Motijheel, Dhaka recently, according to a press release.

Under the schemes, eligible entrepreneurs will be able to access financing at a concessional annual interest rate of 7 percent, helping them expand their businesses, improve productivity, and generate employment.

Through these strategic partnerships, ONE Bank reaffirmed its commitment to promoting local entrepreneurship and innovation and supporting sustainable economic growth across Bangladesh.

Nurun Nahar, deputy governor of Bangladesh Bank, attended the signing ceremony as the chief guest.

Husne Ara Shikha, executive director of Bangladesh Bank, and Newaz Khalid Ahmed, head of Commercial and SME Business at ONE Bank PLC, along with other senior officials from both organisations, were also present.