Bangladesh Bank relaxes ESF conditions

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Bangladesh Bank (BB) on Sunday amended the guidelines for the Entrepreneurship Support Fund (ESF) to make it easy for the entrepreneurs. The amendments included, cutting fees for application, defining women entrepreneurs and reduction of land areas for agriculture farms.

The BB earlier in 2018 issued a circular relating to the ESF. The fund is meant for food-processing, agricultural industry and ICT. The BB said the entrepreneurs will now be required to submit EOI at a cost of Tk 2,000, down by Tk 3,000. The entrepreneurs who will set up farm for crocodile will get up to Tk 80 million from the fund.

The amendment has defined women entrepreneurs to promote them. Under the amendment, women entrepreneurs who own 51 per cent share and hold the position of managing director, will be treated as women entrepreneurs. The land areas will also be squeezed for them up to 20 per cent, but they must be at least one acre of land.

The amendment said they will consider the value of gold mentioned in the income tax returns to raise the financial strengths of the entrepreneurs. The mouza land rate will be considered while valuing the project, the amendments said.