IDLC Finance’s headcount since 2006 says everything about its growing commitment to Bangladesh’s small and medium-sized enterprise sector.
That year, IDLC’s SME division opened with a staff of six. Today, it’s roughly 400 and rising – an apt reflection of Bangladesh’s economy, where 86% of all jobs are in the SME sector. This gives IDLC, led by CEO Jamal Uddin, real insight into the nation’s corporate health.
No surprise, then, that when Covid-19 hit south Asia in early 2020, Uddin’s team worked in close contact with the central bank and government authorities to ensure that the backbone of the economy stood firm.
It’s a familiar role for IDLC. Back in 2012, for example, it was the only local financial firm to subject itself to diagnostic stress tests by the Global SME Finance Forum. Even then, IDLC was given top scores in its approach to serving SMEs, risk-mitigation modelling, relationship management strategy and organizational structure.
Despite the turmoil of the last year, IDLC just achieved its highest-ever net disbursement of $103.7 million in the first quarter.