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IPDC to give collateral-free loans for BACCO members
IPDC will facilitate the expansion of MSME financing for the BPO Industry
IPDC Finance Limited, the first ever private sector financial institution in Bangladesh, and Bangladesh Association of Call Center and Outsourcing (BACCO), have collaborated to facilitate the expansion of Micro, Small & Medium Enterprise (MSME) financing for the Business Process Outsourcing (BPO) Industry.
Minister of State for Information and Communication Technology Division, Zunaid Ahmed Palak, was present as the Chief Guest.
Managing Director and CEO of IPDC, Mominul Islam, and President of BACCO, Wahidur Rahman Sharif, formally launched the collaboration through a virtual press meet on Sunday, 12 July 2020.
Also present during the event were Rizwan Dawood Shams, Deputy Managing Director of IPDC, Aleya R. Ikbal, Head of IT and Business Transformation of IPDC, Tanvir Ibrahim, Vice President of BACCO and Towhid Hossain, Secretary General of BACCO.
The partnership will enable easy access to finance for Small and Medium Enterprises (SMEs), who will be able to avail Term Loan, Lease Finance and Joyee (Women Entrepreneur Loan), with a discounted processing fee and lower interest rate. The companies can apply for financial assistance from the comfort of their home or office as IPDC has assigned dedicated Relationship Managers for exclusive service for the valued BACCO members.
The members of BACCO will also receive financing through Supply Chain Financing, such as Work Order Finance and Factoring, with benefits like no collateral, discounted processing fee and lower interest rate to strengthen the supply chain financing management for the members. By providing invoice financing for the working capital support and other financing facilities for the members, IPDC will be improving cash flow and efficiency with which they operate their supply chain management. BACCO and IPDC will also work together to implement the Block Chain Platform and other digital platforms by IPDC among the members of BACCO to digitize the financing process.
Under this arrangement, the members of BACCO can avail a wide range of deposit products, including FDR, DPS, and all types of deposit schemes at higher interest rate than IPDC’s card rate at any point in time. This allows BACCO members to receive much higher returns on their investments during these challenging times when it is essential to start saving for the future.
Mominul Islam, Managing Director and CEO, IPDC stated, "IPDC is fully aware of the potential the BPO industry of Bangladesh has globally, thus, we decided to form a collaboration with BACCO to provide customer-centric and bureaucracy-free financial solutions for the members and allow them to grow their businesses to its true potential. IPDC is committed to bring the nation closer to its vision of Digital Bangladesh and will always remain a close friend to BACCO and the ICT sector.”
Wahidur Rahman Sharif, President of BACCO, stated: “BACCO has always been working to upturn the opportunities for member organizations and will continue to work for the development of the BPO industry by taking certain initiatives in the future. BACCO is grateful to IPDC for pledging to help its members with essential financial solutions.”