BB giving low-interest loans to cinema hall owners
Published: 05:26 PM, 15 February 2021
The cinema hall owners will be given a long term loan at low interest. Bangladesh Bank (BB) has set up a special refinancing scheme worth Tk 1,000 crore for cinema hall renovation, modernization and construction of new halls.
Bangladesh Bank issued a policy setting the interest rate of the refinancing fund on Sunday.
Owners of the metropolitan area halls will get loans at 5 percent interest and outside the metropolitan area will get loans at 4 percent interest.
Earlier on January 26, the board of directors of Bangladesh Bank approved the fund.
According to the policy, Bangladesh Bank will provide these loans to commercial banks at 1.5 percent interest. Banks will again be able to disburse these loans at the customer level at an interest rate of 5 percent with a maximum loan of Tk 5 crore.
The owners do not have to pay any installment of these loans in the first year. The maximum time available for remit is 6 years.
The hall owners who will get this loan
Cinema hall owners will be given loan or investment facility for different periods for their convenience. Bangladesh Bank will provide a refinancing facility for renovation, modernization of existing cinema halls, purchase of parts and construction of new cinema halls. The scheme will also be applicable to the construction of new cinema halls in various shopping complexes.
Tk 500 crore will be given in the first phase. After confirming the expenditure, another Tk 500 crore will be given in the second phase. The bank will assure each customer the guarantee of loan or investment facility for each cinema hall, however, “owners will not be given more than Tk 5 crore.”
What to do to get the loan
Those who want to get a loan from this scheme have to apply to Bangladesh Bank by March 31, 2022. The scheme will be managed by the Department of Off-site Supervision of Bangladesh Bank.