The second round of the business finance challenge fund, a component of the Business Finance for the Poor in Bangladesh (BFP-B) Programme of UKaid, was launched at Six Seasons Hotel in Dhaka yesterday.

The fund has been established to support the testing and development of innovative approaches to finance micro and small businesses, the UKaid said in a statement.

“This is a unique, competitive, transparent mechanism through which organisations can apply for grant financing for projects that will ultimately benefit the poor.”

Chris August, team leader of BFP-B, inaugurated the workshop while Afsana Islam, from the private sector development team of the Department for International Development, spoke.

Two grantees from the first round of the challenge fund also spoke on the occasion about their experience, according to the statement.

Buddhika Samarasinghe, director of Nathan Associates London, and Muhymin Chowhdury, challenge fund coordinator of BFP-B, highlighted the fund's principles and application process in detail at the event.

The workshop was attended by over 130 participants from different banks and non-bank financial institutions, development partners, insurance companies, microfinance institutions, IT firms, grantee organisations and mobile telecom firms.

The deadline for submitting the first stage of the application process, a short concept note, is May 27, according to the statement.