At the opening ceremony of the MIDAS Autumn SME Fair 2024 on Thursday, there was a strong plea for the diversification of lending policies for small and medium-sized businesses (SMEs). The necessity for banks and other financial institutions (FIs) to implement more inclusive policies that target under-represented groups in the SME sector was highlighted by the speakers.
Attendees at the event, which took place at the MIDAS Centre in Dhanmondi, emphasised how many banks and FIs have a tendency to replicate one another’s loan offerings, showing a lack of creativity and specially designed products for SMEs. They emphasised the need for SME producers to establish accountability within their supply chains by tracking production components, and they emphasised the significance of creating sustainable and ethical production processes.
About 72 women and young entrepreneurs are participating in the three-day event, which is sponsored by Standard Chartered Bank and organised by MIDAS. They will be showing a range of products, such as jewellery and clothes.
Parveen Mahmud FCA, Board Director of MIDAS; Abdul Karim, Chairman of MIDAS Financing; Bitopi Das Chowdhury, Country Head of Corporate Affairs and Brand & Marketing at Standard Chartered Bangladesh; and internationally acclaimed fashion designer Bibi Russell were among the distinguished guests at the inauguration. Senior government officials, representatives from NGOs, business groups, and other guests were also present.