BRAC Bank to offer collateral-free loans to BASIS members

BRAC Bank has entered a partnership with the Bangladesh Association of Software and Information Services (BASIS) to provide collateral-free financing to its members, marking a significant step in supporting Bangladesh's ICT sector's growth and innovation.

It will be a big boost for the country's ICT sector, as more than 2,500 BASIS members can now avail themselves of a collateral-free loan and One-Stop Service from BRAC Bank.

The strategic alliance outlines a tailored financing solution designed explicitly for BASIS members. This solution provides them with streamlined access to funding to accelerate their entrepreneurial goals and contribute to the country's economic growth.

This collateral-free loan offering demonstrates BRAC Bank's commitment to fostering innovation and supporting the sustainable development of the ICT industry by facilitating easy access to loans to expand business further.

Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, and M Asif Rahman, Vice President of Finance, BASIS, signed the Memorandum of Understanding at the bank's Head Office in Dhaka on October 31, 2024.

Syed Abdul Momen remarked, "We are thrilled to partner with BASIS, providing a new avenue of support for ICT entrepreneurs. By removing collateral requirements, we are helping BASIS members advance their business goals and contribute to Bangladesh's digital landscape. With this easy access to finance facility, the ICT entrepreneurs can scale up production and export volume."

BASIS's M Rashidul Hasan, President; Biplob Ghosh Rahul, Director; Mir Shahrukh Islam, Director; and BRAC Bank's Indrajit Sur, Head of Emerging Corporate; and Alomgir Hossain, Head of Small Business (central), were present.        

As the pioneer of SME banking, BRAC Bank is determined to ensure easy access to credit for promising entrepreneurs in non-traditional sectors, facilitating the diversification of export baskets and growth in export proceeds.