The country’s cinema hall owners will now get time until December 31 this year to apply for loans from the Tk 1,000 crore refinance scheme formed by Bangladesh Bank.
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Today through a notice, the banking regulator extended the deadline, which was supposed to end on March 31.
The refinance scheme was formed to help hall owners set up new halls or renovate the existing ones.
In February last year, the Bangladesh Bank had asked hall owners to apply for soft loans within March, but many of them did not get the message in time.
Against the backdrop, the BB extended the deadline such that the hall owners will manage the fund smoothly.
Under the refinance scheme, entrepreneurs will get Tk 10 crore each to set up new cinema halls.
Meanwhile, existing hall owners will be allowed to get Tk 5 crore each in order to renovate their theatres.
The central bank in the previous notice mentioned that the scheme was declared with a view to bringing back the glory of Bangladeshi cinema.
The repayment period of the loans will be eight years, including a one-year grace period with quarterly instalment.
Of the refinance fund, Tk 500 crore will be given out in the first phase while the rest in the second phase.
Participating banks with the refinance scheme will take the fund from the central bank at 1.5 per cent interest.
The interest rate for the end-users will be at 5 per cent interest in the metropolitan zones and 4.5 per cent for the borrowers located in outside of the metropolitan areas.
