Most CSMEs face difficulty in access to finance for their financial distress

HSBC, BRAC arrange ‘Build Back Better’ Exhibition

Published : 04 Jun 2024 09:41 PM

At least 83 per cent CSMEs reported financial distress. Most of these firms do not maintain any financial records, making it difficult for them to access finance, said speakers at a exhibition, referring to a 2020 report of International Finance Corporation (IFC).  

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in collaboration with BRAC organised the exhibition styled  ‘Build Back Better’ showcasing a variety of locally made products from twenty talented small and cottage industry entrepreneurs on Tuesday. 

The initiative, titled 'Build Back Better: Building Back Better Businesses through Financial Literacy', seeks to mitigate these challenges by enhancing the financial literacy and management capabilities of women entrepreneurs, ensuring they can rebuild and thrive in the post-pandemic economy. 

The exhibition featured a variety of locally made products at the 'Build Back Better’ (B3) exhibition. The exhibition was held on Tuesday at BRAC Centre in the capital, featuring a diverse array of products from small and cottage industry entrepreneurs across Bangladesh. 

At the event, Tasmiah Tabassum Rahman, Associate Director of the BRAC Skills Development Programme (SDP), said, “The main goal of this exhibition is to showcase the resilience and creativity of our project participants. We are delighted to announce that the majority of the entrepreneurs who have been part of the 'Build Back Better' initiative have significantly increased their knowledge and confidence in money management and business operations.” 

Syeda Afzalun Nessa, Head of Corporate Sustainability, HSBC, commented, “We have supported over 500 entrepreneurs in developing their businesses through this initiative. Through this exhibition, we want to show a glimpse of the commendable determination and adaptability of our programme participants.”