Private Prime Bank Limited will provide unsecured loans to small, medium and medium enterprises (MSMEs). To this end, the bank has signed a memorandum of understanding with the country’s renowned online marketplace Priyshop.
Under this agreement, MSME merchants associated with Priyashop will get easy financing facility from Prime Bank. According to the agreement, Priyashop’s merchants will get unsecured loans up to a maximum of Tk 5 million and other specialized financing services from Prime Bank. Will get internet banking-altitude service for deposit facility and e-transaction. The loan will require two years of business experience and a letter of recommendation from Priyashop. Prime Bank has appointed a dedicated relationship manager so that the merchants of Priyashop can easily avail all the banking services including loan application at home or in the office.
As a result of this agreement, SMEs will be able to finance working capital (CC, OD and demand loans), term loans for fixed asset purchase and capital expenditure, international trade solutions (LC, LATR, IDBP), bank guarantees, work orders, etc.
The main objective of this agreement between Prime Bank and Priyashop is to make them interested in conducting business on digital platforms. Prime Bank and Priyashop will work for the economic development of these MSME entrepreneurs by meeting all the banking needs of the merchants.