Deadline: 7-Oct-22
The Cottage, Micro, Small, and Medium Enterprise (CMSME) Innovation Challenge 2022 is now open for applications to support startups and incumbents with innovative digital solutions to improve financial access for CMSMEs by addressing the challenges they typically face, especially cottage and microenterprises in a rural setup.
The Cottage, Micro, Small, and Medium Enterprises (CMSMEs) sector is the largest segment of the economy in Bangladesh, accounting for 25% of our GDP and creating employment for 7.8 million people directly. Despite much support from the government and private sectors, the CMSMEs sector, especially in rural settings, faces several challenges in starting and growing their business. Limited access to finance has been one of the core impediments to the sectors’ growth. Systematic use of digital financial services (DFS) and technology solutions in underserved markets can help grow CMSME sector.
Funding Information
Amount: upto 1 crore BDT
Details
Multiple studies point to the following barriers faced by the CMSMEs to access financial facilities:
- Lack of identity and necessary business documents
- Complexity in application and disbursement process
- High operational cost of the financial institutions for processing small amount loans for CMSMEs
- Little or no data exist for credit assessment of CMSMEs
- Lack of digital information of CMSMEs
Outcomes
- Increase the accessibility of CMSMEs in the formal financial system
- Reduce operational cost of CMSME financing using digital solutions
- Increase the percentage of CMSME financing to facilitate the growth of their businesses
Eligibility Criteria
- Any consortium/organization is eligible to apply if the solution is practical and feasible.
- Only technical solutions are encouraged.
- Any individual interested to apply must get associated with an organization before applying
For more information, visit http://challenge.gov.bd/challenge/CMSME
