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BanglaPress Desk: Bangladesh Bank has launched an initiative to provide up to 2 million BDT (20 lakh taka) in funding to help young people become entrepreneurs. Under the ‘Udyog’ (Initiative) program, applications are now being accepted from young entrepreneurs across 56 districts of the country. The application process, which began on Sunday (November 1), will continue until November 30.
Under this program, an entrepreneur can receive a maximum of 2 million BDT—comprising a loan of up to 1 million BDT and a grant of another 1 million BDT. Both the loan and the grant will be disbursed as a single, lump-sum payment. The grant portion will be funded through the Corporate Social Responsibility (CSR) funds of commercial banks.
Interested young entrepreneurs can fill out the prescribed application form and submit it to any branch of a scheduled bank in their respective upazila. The application form can be downloaded from the Bangladesh Bank website, the SME portal, or the individual websites of the scheduled banks.
Previously, in the initial phase of the program, applications were collected from 64 upazilas across eight districts. During that phase, which ran from September 16 to October 15, a total of 18,444 applications were received.
Among the districts, Netrokona recorded the highest number of applications, with 5,351 submissions. Other notable figures include 2,745 applications from Rangpur, 2,456 from Naogaon, 2,191 from Jhenaidah, 1,552 from Habiganj, 1,545 from Bhola, 1,343 from Manikganj, and 1,261 from Feni.
The full name of this Bangladesh Bank initiative is the ‘Upazila-based Young Entrepreneur Identification, Selection, and Financing Program.’ The objective of this initiative is to discover promising young entrepreneurs at the upazila level, select genuine candidates, and foster job creation through financial support.
Regarding the selection process for the loans, Bangladesh Bank spokesperson Arif Hossain Khan stated that entrepreneurs may apply through any commercial bank. A committee will be established to review and screen the applications; this committee will include both bankers and subject-matter experts. Entrepreneurs will be selected for financing based on the committee's recommendations.
The policy guidelines for the program were issued on September 13 via SMESPD Circular No. 05. Detailed guidelines are available on the Bangladesh Bank website (www.bb.org.bd) and the SME portal (www.bb.org.bd/smespd_portal).
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