IFIC Aamar Subornogram: Empowering CMSME Sector

Introduce the IFIC Aamar Subornogram, a financial assistance program designed to cater to the needs of Cottage, Micro, Small, and Medium Enterprises (CMSMEs). This program is specifically tailored to support the growth and development of businesses in these sectors, contributing to the overall economic growth of the country.

What is IFIC Aamar Subornogram?

The IFIC Aamar Subornogram is a financial assistance program aimed at bolstering the Cottage, Micro, Small, and Medium Enterprises (CMSME) sector in Bangladesh. It provides funding for various purposes, including working capital, fixed asset acquisition, business expansion, renovation, and business development, with the goal of enhancing productivity, competitiveness, and innovation.

Key Highlights of IFIC Aamar Subornogram

1. Empowering CMSME Sector: This program is specifically designed to empower CMSMEs, enabling them to expand their operations, create jobs, and boost domestic production.
2. Contribution to Economic Growth: By supporting CMSMEs, the program plays a vital role in contributing to the overall economic growth of the country.

Customer Segment and Eligibility

Customer Segment:

• Cottage, Micro, Small, and Medium-sized business enterprises/industries involved in trading, manufacturing, or service businesses.

Eligibility Criteria:

• The enterprise should fall into the CMSME category and be engaged in trading, manufacturing, or service concerns.
• A valid trade license is a must.
• The enterprise should have at least 2 years of experience in the same profession or income-generating activity in the local area.
• The applicant must be a resident in the local area for at least 1 year or have ownership deed, possession, or a rental agreement for the working premises (minimum 5 years).
• New entrepreneurs must have successfully completed training in entrepreneurship development, business direction, marketing, or other relevant vocational training from a government institute or an approved private training institute.

Loan Details

Loan Types:	Term Loan Overdraft (for working capital) Demand Loan (revolving/one-off)
Loan Purposes:	Fixed asset purchase Working capital requirements Business extension Decoration Renovation Business development (startup/existing) Building inventory for business Requirement against work orders
Loan Amount:	Without Collateral: Minimum BDT 5 Lakh, Maximum BDT 25 Lakh With Collateral: Minimum BDT 5 Lakh, Maximum 70% of collateral security (or 90% if using financial instruments)
Repayment Methods:	Term Loan: Equal monthly installments For Business development (Startup): Quarterly/Half-yearly Overdraft: Lump sum with interest within maturity Demand Loan (One-off/Revolving): At one go with interest at maturity or in lump sum within the expiry of the loan
Loan Tenor:	1 to 5 years

Eligible Collateral:

• Land
• Registered or under-constructed flat or building
• Financial instruments

Interest Rate

Please contact IFIC Bank PLC for information on the interest rate.

Required Documents

General Documents:

• 2 copies of passport-sized attested photographs of the borrower, partners, directors, and guarantors
• Copy of National ID (NID) for both borrower and guarantor (where applicable)
• Valid trade license for the enterprise/industry
• Net worth statement of the borrower and guarantor
• Bank statement for the last 12 months (if available)
• Up-to-date clean Credit Information Bureau (CIB) report
• Proof of permanent residency (holding tax, rent paid receipt, utility bill copy, NID, TIN, or other ancillaries)
• Updated tenancy/rental deed if the borrowing concern or its godown is situated at rented premises (if applicable)
• Periodical stock report (if applicable)

Enterprise/Company Documents:

• For proprietorship: No additional documents required
• For partnership firm: Registered partnership deed (with the Registrar of Joint Stock Companies and Firms) along with the certificate of the partnership firm and an up-to-date list of partners
• For private limited company: Memorandum and articles of association (certified by the Registrar of Joint Stock Companies), certified copy of an up-to-date list with personal profiles of directors, board resolution, letter of guarantee of the directors, and an undertaking stating that the borrower shall not make any amendment or alteration in the memorandum and articles of association without prior approval of the bank.

For more details and inquiries, please contact IFIC Bank PLC at 16255 or 09666716255 or visit any branch or Uposhkaha.

Conclusion

The IFIC Aamar Subornogram is a comprehensive financial assistance program tailored to meet the diverse needs of CMSMEs in Bangladesh. By providing support for working capital, fixed assets, business expansion, and more, it plays a vital role in the growth and development of these enterprises, ultimately contributing to the economic prosperity of the country. If you are a CMSME entrepreneur looking to take your business to the next level, this program might be the right fit for you. Contact IFIC Bank PLC for further information and guidance on how to get started with IFIC Aamar Subornogram.

FAQs for IFIC Aamar Subornogram: Empowering CMSME Sector

1. What is IFIC Aamar Subornogram?

• IFIC Aamar Subornogram is a financial assistance program designed to support Cottage, Micro, Small, and Medium Enterprises (CMSMEs) in Bangladesh. It offers funding for various business needs, including working capital, asset acquisition, and expansion.

2. What are the key highlights of IFIC Aamar Subornogram?

• The program aims to empower CMSMEs, helping them expand, create jobs, and boost domestic production, contributing to the overall economic growth of the country.

3. Who is eligible to apply for IFIC Aamar Subornogram?

• Businesses falling under the CMSME category, engaged in trading, manufacturing, or service activities, with a valid trade license, can apply. Specific experience and residency requirements also apply.

4. What types of loans are offered under this program?

• IFIC Aamar Subornogram provides term loans, overdrafts (for working capital), and demand loans for various business purposes.

5. What are the loan amounts available through IFIC Aamar Subornogram?

• Without collateral, you can borrow a minimum of BDT 5 Lakh and a maximum of BDT 25 Lakh. With collateral, the loan amount can go up to 70% of the collateral’s value, or 90% if using financial instruments.

6. What is the loan tenor for IFIC Aamar Subornogram?

• The loan tenor ranges from 1 to 5 years, depending on the type of loan and purpose.

7. How can I repay the loan obtained through this program?

• Term loans are repaid through equal monthly installments. For business development (startup), repayment can be quarterly or half-yearly. Overdrafts require lump-sum repayment with interest within the maturity period, and demand loans can be repaid at once with interest at maturity or in a lump sum within the loan’s expiry.

8. What collateral options are available for securing the loan?

• Eligible collateral includes land, registered or under-constructed flats or buildings, and financial instruments.

9. Where can I get information about the interest rate for these loans?

• Contact IFIC Bank PLC directly to inquire about the interest rates.

10. What documents are required to apply for IFIC Aamar Subornogram?

• The required documents include photographs, National ID copies, trade license, net worth statements, bank statements, CIB reports, proof of residency, and additional documents based on your business structure (proprietorship, partnership, or private limited company).