|Bank BRAC Bank|
Mr. Faizuddin was inspired to set up an agricultural business, having learnt from his father’s Rice Mill and Poultry farm. So, in 1995, he decided to start his own poultry farm with the help of his father.
Mr Faizuddin was always ambitious to make more of his business. Talking to local experts, he discovered that the poultry waste can also work as fish feed, creating a simple and promising business opportunity. But this needed investment – something that the traditional banking sector would not extend to him without a formal banking history.
And that’s where BRAC Bank came in. Mr. Farizuddin took his first loan of BDT 300,000 in 2008 (around USD4,300 in June 2010). Part of this borrowing was used to expand his poultry business by adding more chicks. The rest was used to expand into fish-feed production removing a supplier from his value chain, helping to protect him from price fluctuations. Building on this success, he came up with the idea of making a fishery as a forward linkage venture. And BRAC Bank provided a second loan in August 2009 for this venture.
Today, Mr Faizuddin owns a medium-sized poultry farm, a fishery and fish-feed supply, and needless to say he has more plans for the future.