Online Desk  :   Bangladesh Bank introduced a significant policy change to enhance business growth and employment in the Cottage, Micro, Small, and Medium Enterprises (CMSME) sector, reports UNB. Under the new policy, the central bank has mandated that 27 percent of loans be allocated to the CMSME sector for the next five years. This initiative was announced during a press conference held at Bangladesh Bank’s headquarters in Motijheel on Monday.

Mustafizur Rahman, Executive Director of Bangladesh Bank; Noushad Mustafa, Director of the SME Department; and Habibur Rahman, Assistant Spokesperson, were present at the press conference. As part of the new policy, people involved in f-commerce and e-commerce will be eligible for loans of up to Tk 5 lakh under the CMSME scheme. The revised master circular also outlines that small traders without trade licenses will be eligible for loans.

Besides, the definition of women entrepreneurs has been updated in the new policy. A company will now be considered a woman-led business if the woman holds at least 20 percent ownership and 51 percent of its employees are women. Earlier, the threshold for ownership was 51 percent. Besides, banks are required to establish separate departments to manage CMSME loans and assess the risks associated with them.