Bangladesh Opens ‘Udyog’ Applications in 56 Districts

Bangladesh Bank will open applications for its ‘Udyog’ programme in 56 districts from November 1, extending opportunities for young people to launch businesses across all upazilas in those districts. Applications will be accepted until November 30. The programme received 18,444 applications during its initial phase in eight districts.

The central bank announced the expansion in a press release on Saturday, October 17. The initiative aims to identify promising young entrepreneurs at the upazila level, select genuine business prospects and arrange financing to help turn their ideas into businesses. It is also intended to support job creation and encourage innovation.

First phase draws 18,444 applications

The first phase covered eight districts representing the country’s eight divisions: Manikganj, Feni, Naogaon, Jhenaidah, Bhola, Habiganj, Rangpur and Netrokona. Young entrepreneurs submitted applications at scheduled bank branches across 64 upazilas in these districts between September 16 and October 15.

According to Bangladesh Bank, Netrokona recorded the highest number of applications, at 5,351. Rangpur received 2,745, followed by Naogaon with 2,456, Jhenaidah with 2,191, Habiganj with 1,552, Bhola with 1,545, Manikganj with 1,343 and Feni with 1,261.

Applicants from all upazilas in the remaining 56 districts can apply between November 1 and November 30. They must complete the prescribed application form and submit it to any scheduled bank branch in the relevant upazila. The form can be downloaded from Bangladesh Bank’s website, its SME portal and the websites of scheduled banks.

The central bank issued the programme’s guidelines on September 13 through SMESPD Circular No. 05. The guidelines are available at www.bb.org.bd and the SME portal, www.bb.org.bd/smespd_portal.

Financing of up to Tk 2 million

Under the programme’s previously announced terms, an eligible young entrepreneur may receive financing of up to Tk 2 million. This comprises a bank loan of up to Tk 1 million and a grant of up to Tk 1 million.

Applicants must be no older than 28 and must be permanent residents of the upazila for which they apply. They can apply with a business plan or a promising business idea; an existing business is not required.

However, people who have previously taken a business loan from a bank or financial institution, have been classified as loan defaulters, or work for government, semi-government or autonomous institutions are ineligible for the facility.

Bangladesh Bank said the programme is intended to expand youth participation in economic development, create employment and promote innovative business initiatives.

//DBTech/CSS/SME/MIST//