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6 July, 2020 09:00:22 PM
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Prime Bank, ISPAB to finance internet service providing cos

Staff Reporter, Dhaka
Prime Bank, ISPAB to finance internet service providing cos

Prime Bank Limited and Internet Service Providers Association of Bangladesh (ISPAB) on Monday joined hands to facilitate financing for entrepreneurs in internet service sector.

Rahel Ahmed, managing director and CEO of Prime Bank, and Aminul Hakim, president of ISPAB, formally launched the alliance through a virtual press meet on Monday, a press statement said.

Posts and Telecommunications Minister Mustafa Jabbar attended the programme as the chief guest.

The partnership titled ‘Prime Bank-ISPAB Alliance for ISP-MSME Financing Solutions’ will enable easy access to finance to internet service providing companies as they strive for market expansion across the country. It will be a big boost for the country’s ISP sector as eligible ISPAB members can now avail collateral free loan up to Tk 50 lakh and other tailor-made financing solutions. 

On the occasion, Mustafa Jabbar said, “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.”

The minister underscored the need for reducing cost of internet and importance of making internet affordable for the students and educational institutions. He lauded Prime Bank for introducing the loan for the ISP entrepreneurs. Prime Bank would be one step ahead from others as it had launched the credit program as the pioneer, he said.  

Under the arrangement, the e-commerce firms will get working capital (CC, OD and demand loan), term loans for fixed asset purchase and capital expenditures, International Trade solution- LC, LATR, IDBP, bank guarantee, work order, the statement said.

 They can also avail a wide range of deposit products and free Internet banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from ISPAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated relationship manager for exclusive service for valued ISPAB members, the statement said.  

 

SI

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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