Twenty-three banks, under the guidance of the Bangladesh Bank, have launched an entrepreneurship development program for cottage, micro, small, medium enterprises (CMSMEs).
The program is expected to generate 1,000 new entrepreneurs in the sector.
“This new initiative has been taken with a special goal in mind. We believe that entrepreneurs are the leaders of socio-economic development of the country, so they have to be developed properly,” said Md Jaker Hossain, general manager of the SME and Special Programs Department of Bangladesh Bank.
“This program has been initiated keeping in mind the demands of the market,” he added while speaking as the special guest at the launching ceremony of the program on Wednesday.
A total of 25 entrepreneurs have gotten the opportunity to participate in the first batch of this two-year program, with most of them being online-based entrepreneurs and 22 being women.
Bangladesh Bank has emphasized not only training these new entrepreneurs but to also provide them with necessary loans.
“Being able to create entrepreneurs is a wonderful thing. Because employment will be created through them. But with only training, they may not be able to start their own business. This will require fuel [capital]. And keeping this in mind, Bangladesh Bank has involved 23 banks with this program,” Hossain further said.
And these banks will create their own clients through this training program, he added.
Brac Bank will host the month-long training for the 25 CMSME entrepreneurs at its premises with help from Bangladesh Bank.
Commenting on the initiative, Selim RF Hossain, managing director and CEO of Brac Bank, said: “As an SME-focused bank, Brac Bank always emphasizes on ensuring easy access to finance to the new entrepreneurs. We also arrange intensive training to help them run their businesses smoothly.
“Our American Babson College and Dutch FMO-run training for women entrepreneurs and the entrepreneurship accelerator program Uddokta 101 show our strong commitment to grassroots entrepreneurship development in the country,” he added.
Hussain further said this training will provide necessary skill sets to entrepreneurs and help them expand their businesses and accelerate growth.
“We think this pro-business initiative of Bangladesh Bank will amplify the economic momentum of the country,” he added.
Syed Abdul Momen, deputy managing director and Head of SME Banking at Brac Bank, said CMSMEs are vital for accelerated GDP growth and employment opportunities in the country.
“In the face of a changing business landscape, potential entrepreneurs need the right skillsets and tools to run their businesses efficiently. In light of that, the training module will focus on a self-employment mindset, preparing formal business plans, marketing, and challenges and their remedies in doing business,” he said.
The program is funded by the Asian Development Bank (ADB) and managed by the Skills for Employment Investment Program (SEIP) Project, and the SME and Special Programs Department of Bangladesh Bank.
