Provide more finance & refinance options

Md. Nazeem A. Choudhury, Deputy Managing Director , Prime Bank

At Prime Bank, we are dedicated to empowering the SME sector by offering tailored banking products and services to meet their specific needs. We have introduced a comprehensive range of solutions for transactions, deposits, loans, trade support, and non-funded needs. Our simplified loan procedures and digital banking solutions, including nano loans, enhance accessibility for SMEs. Nationwide, our relationship managers and robust risk management infrastructure ensure effective support.

We also collaborate with major trade associations and provide supply-chain financing. To reach SMEs in rural areas, we utilise our 146 branches, agent banking outlets, ATMs, and digital banking platforms. Additionally, our linkage financing programme with MFIs extends our reach to rural SMEs, with a significant focus on small and micro enterprises.

There is a need to enhance risk-sharing financing, implement flexible credit guarantee schemes, and increase refinance options. These measures will boost the confidence of formal financiers.

To better support SMEs, banks can design comprehensive, diversified product assortments and adopt advanced technology. Prime Bank is committed to this by initiating "Digital Account Opening Procedures" and launching Digital Lending Facilities for small-ticket SMEs, ensuring a seamless, manual-free experience. We are also partnering with eligible intermediaries like NGOs, tech platforms, and corporates to acquire, monitor, and recover SME portfolios, fostering mutual, non-monetary benefits. Our goal is to empower SMEs and contribute to the country's economic development.

In order to facilitate SME customers, we have been working collaboratively to ensure that more options are provided to finance and refinance the SMEs. There is a need to enhance risk-sharing financing, implement flexible credit guarantee schemes, and increase refinance options. These measures will boost the confidence of formal financiers, thereby improving access to capital for CMSMEs and fostering economic growth through better financial inclusion of small businesses.

To boost the SME sector, fostering financial literacy through initiatives by the government, regulators, financial institutions, and trade bodies is crucial. This will enhance SMEs' managerial and operational capacities. Additionally, leveraging alternative acquisition channels and embracing digital transformation can significantly help SMEs scale up successfully, driving economic growth in our country. We are committed to supporting these efforts to empower SMEs and contribute to national development.