Entrepreneurs in the Bscic Industrial City of Jashore will now be able to take bank loans mortgaging the plots allotted to them, as the legal tussle over registration of power of attorney documents has been resolved.
The decision has brought fresh hope to the small, medium, and cottage industry entrepreneurs of the industrial city who have been facing a tough time since the Covid-19 pandemic.
Recently, Shahidul Islam Jhinuk, inspector general (registration) of the Directorate of Registration, sent a letter to the district registrar of Jashore saying there is no legal barrier to providing power of attorney documents to the entrepreneurs.
Confirming the matter, Mehedi Hasan, head of Bscic Jashore, said the authorities have issued directives so all sub-registrars of the district are duly informed..
According to people concerned, currently, 119 industrial establishments are operating in this industrial city. Most of them suffered huge losses during the Covid-19 pandemic. Since then, only around 30 entrepreneurs have applied for loans from various banks to overcome the crisis.
But the banks refused to provide loans as the entrepreneurs could not submit power of attorney documents, while the sub-registry offices in the district refused to provide the documents citing legal complexities.
In this context, the Bscic authorities issued a notification saying there is no legal barrier to providing the documents to the entrepreneurs. Nevertheless, the district registrar still refused to do so.
Abu Sayeed, manager of Shahjalal Islami Bank, Jashore, said, "Two companies from the Bscic Industrial City in Jashore, Resco Biscuit & Bread Factory and Medina Auto, applied for loans. But the loan was not processed, as they could not submit power of attorney documents."
He also said some other banks also refused to provide loans for the same reason.
Faruk Hussain, owner of Medina Auto, said, "Entrepreneurs like us have been harassed due to the noncooperation of the registry office in Jashore."
Akhtar Hossain, owner of Enayet Engineering Factory, said, "Production at our factory has almost halved due to the twin impact of the pandemic and the global economic crisis. Most entrepreneurs here are facing a cash crunch and the only solution to survive now is to get a bank loan."
However, they said as there is no legal barrier any more, entrepreneurs will now be able to rebound with the help of the bank loans.
Shahjahan Sardar, registrar of Jashore district, said, "The issue has now been resolved. We have received the directives of the Inspector General (registration) of the Directorate of Registration in this regard."
The Bscic industrial city in Jashore was established in 1962 on 50.40 acres of land. Currently, around 120 entrepreneurs have established different factories in the industrial city on 292 plots.