Deadline extended for theater owners

Cinema owners across the country will now have until December 31 this year to apply for loans from the Tk 1,000 crore refinance scheme formed by the Bangladesh Bank.

Yesterday through a notice, the banking regulator extended the deadline, which was due to end on March 31.

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The Refinance Program was formed to help owners set up new venues or renovate existing ones.

In February last year, the Bangladesh Bank had asked theater owners to apply for soft loans in March, but many did not get the message in time.

In this context, the BB has extended the deadline so that cinema owners manage the fund smoothly.

Under the refinancing scheme, the entrepreneurs will each receive Tk 10 crore to set up new cinemas.

Meanwhile, existing theater owners will be allowed to get Tk 5 crore each in order to refurbish 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 loan repayment period will be eight years, including one year of deferred repayment with quarterly payment.

From the refinancing fund, Tk 500 crore will be distributed in the first phase while the rest in the second phase.

Banks participating in the refinancing program will withdraw the fund from the central bank at an interest rate of 1.5%.

The interest rate for end users will be 5% in metropolitan areas and 4.5% for borrowers located outside metropolitan areas.

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