Prime Bank to give collateral-free loans to ISPs

Staff Correspondent | Published: 23:27, Jul 06,2020

 
 

Prime Bank and the Internet Service Providers Association of Bangladesh launched an alliance to facilitate financing for internet entrepreneurs on Monday.

ISPAB members can now avail collateral free loans of up to Tk 50 lakh and other tailor-made financing solutions.

Under the partnership titled ‘Prime Bank-ISPAB Alliance for ISP-MSME Financing Solutions’, ISPAB members would be eligible to avail collateral free loans of up to Tk 50 lakh and other tailor-made financing solutions, said a press release.

Prime Bank managing director Rahel Ahmed and ISPAB president Md Aminul Hakim launched the alliance through a virtual press meet.

Post and telecommunications minister Mustafa Jabbar was present at the meet as the chief guest.

Under the arrangement, e-commerce firms would get working capital, term loans for fixed asset purchase and capital expenditures and international trade solution, the release issued by Prime Bank said.

With an introduction letter from ISPAB, the firms could avail a wide range of deposit products and free internet banking for conducting a broad range of e-transactions.

‘With this financing initiative of Prime Bank, the earlier distance between banking and ICT sector has been removed. We believe other banks will follow Prime Bank and extend financing to ISP entrepreneurs,’ Mustafa said.

The minister underscored the need for reducing the cost of internet services and the importance of making the services affordable for students and educational institutions.

Prime Bank MD Rahel Ahmed said that the ISP companies would be able to expand their services to previously unexplored areas and strengthen their presence across the country with the financing solution.

Prime Bank MSME Banking head Syed M Omar Tayub, brand and communications head Nazmul Karim Chowdhury and ISPAB secretary general Md Emdadul Hoque joined the event.

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