Prime Bank, e-CAB join hands to finance e-commerce entrepreneurs

Prime Bank and e-Commerce Association of Bangladesh (e-CAB) on Wednesday have joined hands to facilitate financing for e-commerce entrepreneurs.


The partnership titled “Prime Bank-e-CAB Alliance for e-Commerce-MSME Financing Solution” will enable easy access to finance to e-commerce companies as they strive for market expansion locally and globally, according to a press release.


The e-CAB members can now avail collateral free loan up to Tk 50 lakh and other tailor-made financing solutions.


Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc.


They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE – for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from e-CAB.


The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued e-CAB members.


Minister for Post and Telecommunications Mustafa Jabbar formally launched the alliance through a virtual press meet as the Chief Guest. Prime Bank Managing Director & CEO Rahel Ahmed and e-CAB President Shomi Kaiser were present.


Minister for Post and Telecommunications Mustafa Jabbar said that with this financing initiative of Prime Bank, the earlier distance between banking and ecommerce sector has been reduced significantly.


“Like immovable property in other business, the knowledge and intellectual property of an ecommerce entreprener are valuable asset. Young and creative entrepreneurs are bringing in new innovation in ecommerce industry and injecting dynamism in the economy. If we do not understand their business, we will fall behind. I think after this initiative of Prime Bank, a lot of understanding gap about ecommerce industrty will be dispelled.”


Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said,“Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country.”


Prime Bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury were also present.


Source : United News of Bangladesh