Government Grants to Support your HR Functions

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    Bangladesh Government Grants to Support your HR Functions:

    Most research in the previous two decades have looked at and reported on the economic, social, and other policy implications of SMEs in Bangladesh. The government grants to support your HR. For example, researchers looked at the overall performance of SMEs in developing countries and found that economic performance and efficiency are heavily influenced by the country’s macroeconomic policies as well as the government’s particular preferences and promotions for SMEs. Another study found a number of barriers to SMEs’ expansion in Bangladesh. Several more studies looked into the role of available finances or government grants for Bangladeshi SMEs. According to recent research, there are seven issues that limit the growth of SMEs in Bangladesh.


    In the recent two decades, there has also been a significant movement in the field of human resource management in businesses, with a greater emphasis on aggregate (macro) performance management rather than personal performance management (micro). A number of HRM theories have highlighted the importance of employees as an irreplaceable resource for businesses. Human resources, unlike other organizational resources, have the potential to be non-obsolete, and their talents can be transferred across different products, technologies, and markets.


    In today’s increasingly intense market rivalry, a small business’ organizational efficiency and effectiveness is a key sign of its long-term viability. HRM practices, according to a survey of the current literature, are focused on actions that involve human factors for the efficient running of organizations. To establish sustainable SMEs in Bangladesh, more systematic HRM research, as well as the government grants, government’s fiscal and monetary policies, are arguably required.

    Government Grants to Support your HR Functions

    Get Comprehensive HRM practices in Bangladesh with Network BD

    Is there a dominant HRM practice among SMEs in Bangladesh? To what extent does organizational practice/ activities influence the HRM practices: communication; empowerment; motivation; participative management; performance evaluation; reward and recognition; supervisory leadership and training and development? Government policy under Industrial Policy 2010 for SMEs 217


    What is the relationship between employees’ perceptions of job satisfaction and organizational performance and SMEs’ HRM practices of communication, empowerment, motivation, participative management, performance evaluation, reward and recognition, supervisory leadership, training and development, and supervisory leadership?

    NetworkBD as a leading consulting firm of business services in Bangladesh

    The Followings Are Bangladesh Industrial Policy 2010 For SMEs


    According to the Government of Bangladesh’s Industrial Policy 2010, all industrial organizations are classified into four groups: large, medium, small, and cottage, with each classification further defined for the manufacturing and non-manufacturing sectors (service). In the manufacturing sector, medium industry is defined as organizations with fixed assets excluding land and buildings valued between Tk. 100 million and Tk. 300 million, or with 100 to 250 employees.


    Small industry is defined as organizations with fixed assets excluding land and buildings valued between Tk. 5 million and Tk.100 million, or with 25 to 99 employees in the manufacturing sector. Medium industry refers to non-manufacturing or service organizations with fixed assets excluding land and buildings valued between Tk. 10 million and Tk. 150 million, or with 50 to 100 employees. Small industry, on the other hand, refers to businesses with fixed assets excluding land and buildings valued between Tk. half a million and Tk. ten million, or with 10 to 25 employees.


    The Bangladeshi government sees SMEs as a source of jobs in both rural and urban areas, a tool for reducing poverty and inequality in society, and a tool for raising living standards. 

    Get 3 major guidelines for SME policy

    1. SMEs are refinanced by Bangladesh Bank (the central bank of Bangladesh) through three re-financing funds, which encourage SME entrepreneurs by providing adequate loan and training programs.
    2. SME loans are prioritized for women entrepreneurs. Women entrepreneurs will receive 15% of the total loan and the interest rate will be capped at 10%.
    3. Information and communication technology (ICT) industries will receive priority assistance from the government.

    Introducing Programs To Help Small & Medium-Sized Businesses Thrive

    The development of the SME sector has been aided by a refinance scheme funded by Bangladesh Bank, IDA, government grants and ADB. In addition, to ensure easy access to institutional financial services, Bangladesh Bank has taken a number of steps, including the establishment of a ‘Dedicated Desk’ for SMEs and SME Service Centers in banks, as well as special facilities for women entrepreneurs. However, in this sector, the expected outcome has yet to be realized.

    The 13 Exclusive Guidelines Developed By Us


    1. For the first time in Bangladesh, banks and financial institutions have set an indicative target for SME loan disbursement for 2010, with SME development being one of the country’s top development priorities. Small, medium, and women entrepreneurs will receive SME loans, according to the target.


    2. Using the ‘Area Approach Method,’ banks and financial institutions will try to meet their indicative targets in three ways: branch-by-branch, region-by-region, and sector-by-sector.


    3. Each bank/financial institution must have its own business strategy for financing SME loans with the least amount of paperwork to ensure a simple and quick loan approval and disbursement process.


    4. Small business owners will be given priority.


    5. Credit limits for small businesses will range from Tk. 50,000 (fifty thousand) to Tk. 50,00,000. (Fifty lac).


    6. For more women entrepreneurs to participate in the country’s industrial development and to conduct business activities in large numbers, priority should be given to potential women entrepreneurs when it comes to SME credit disbursement.


    7. Banks and financial institutions must give top priority to loan applications from small and medium-sized women entrepreneurs and complete the loan disbursement process within a reasonable time after the application is accepted.


    8. Each bank and financial institution must create a separate “Women Entrepreneurs’ Dedicated Desk” with the necessary and appropriate manpower, provide training on SME financing, and appoint a lady officer as the dedicated desk’s chief. Within two months of the policy and program’s announcement, a branch-by-branch list of’Women Entrepreneurs’ Dedicated Desk’should be sent to Bangladesh Bank’s SME and Special Programmes Department.


    9. Banks and financial institutions may lend women entrepreneurs up to Tk. 25,00,000 in exchange for a personal guarantee. Group security/social security may be considered in this case.


    10. The success of SME loan disbursement will be used as a criterion for the bank’s approval of new branches in the future. In order to involve banks in financing priority sectors like SME and agriculture, a license for new branches will be issued in 2010 under the name ‘SME/Agriculture Branch’ instead of ‘SME Service Centre’ for financing priority sectors like SME and agriculture.


    11. Each bank/financial institution is responsible for determining the interest rate on SME loans by sector/subsector.


    12. However, the bank/financial institution will immediately inform Bangladesh Bank of the sector/sub-sector-specific rate of interest and ensure that the refinanced funds are disbursed to the clients (women entrepreneurs) at the Bank rate plus 5% interest.


    13. Entrepreneurs will be provided with training programs.

    FAQ For Government Grants

    1. What is the procedure for receiving government grants?

    Government grants are a monetary award given by the local government for a worthwhile project. The grantee is not required to repay the money, but rather to use the funds for the stated purpose, which is usually to benefit a larger good.

    2. Can anyone apply for government grants ?

    Individuals may apply for funding opportunities on their own behalf (rather than on behalf of a company, organization, institution, or government). The majority of  government grants funding opportunities are for organizations rather than individuals.

    3. What is the best way to write government grants statement of purpose?

    How to write government grants proposal with effective needs statements

    1. Clearly relate to the applicant’s mission and purpose;
    2. Describe the problem and the people who would be served;

    and 3. Be backed up by data, expert opinions, and current events.

    4. Why is it important for government grants applicant to have a needs statement?

    The Need Statement is critical because it is here that Harvest will look to see if the proposed project addresses a need and if it aligns with the Foundation’s priorities. Define the need in a clear and concise manner. Keep it straightforward, avoid jargon, and make it simple to read. Make a note of the requirement.

    Fastest Way Towards Government Grants