The prime occupation in Bangladesh is agriculture. A significant portion of the population is involved in farming, which has historically been the backbone of the countrys economy. Key crops include rice, jute, tea, and various fruits and vegetables. Although the industrial and service sectors have been growing in recent years, especially in textiles, garments, and information technology, agriculture remains a dominant source of employment, particularly in rural areas. Bangladesh is a heavily populated riverine country with 405 rivers and 230 tributaries and distributaries (Ahmed F. et al., 2023). Bangladesh withdraws approximately 32 cubic kilometers of groundwater annually, with 90% used for irrigation and the rest for domestic and industrial purposes. Industrial wastewater contaminates natural water bodies, such as the Dhalai Beel, leading to harmful environmental impacts on soil and waterways (Ahmed, F. et al., 2015).  The bank contributes a lot in the economy of our country with their banking activities and services. As an employee of this bank they give me the chance to know about general banking and foreign exchange. While working in BBL, under General Banking Department it becomes possible to gather practical knowledge that helps to prepare the thesis report on SME Financing. The primary purpose of this report is to get an idea about SME Financing activities of the BRAC Bank Limited. The revenue earning sources of bank are mainly loans and advances. The credit facility can be two types funded and non-funded. Funded credit can be expensive as the bank has to pays interest and non-funded credit includes letter of credits (L/C). This report reflects the position of BRAC Bank Limited in the banking industry procedures, policies and activities with emphasis on SME Banking Division. The broad objectives of this study are to analyze the repayment behavior of SME loan borrowers and to know SME loan and its process of recovery and to access the key performance indicator of the department.

Both primary and secondary data are used in the investigation. There are two sections to the report. The project portion is the other, and the organization part is the first. The components are essentially isolated from each other. The data included in the report organizational section was gathered from secondary sources, including publications, studies that have been published, and the BRAC Bank Limited website (www.bracbank.com). As main sources, brief interviews and discussion sessions were used to build the overall concept for the bank. We gathered data from primary and secondary sources for the study "Analysis of SME loan in BRAC Bank Limited." A detailed analysis of the Product Program Guideline (PPG) was conducted to obtain a concept for SME financing. 

In addition to these observations, discussions were held with employees from the SME department and loan administration division of the bank. Furthermore, a market survey was conducted using a structured questionnaire. To evaluate the implementation, supervision, monitoring, and repayment practices, interviews with employees, extensive reviews of existing files, and practical case observations were carried out. This report incorporates interviews with Customer Relationship Officers (CROs), focus group discussions, and direct observations. The research also relies on secondary data, which refers to information gathered and possibly processed by entities other than the researcher, such as government agencies or nonprofit organizations relevant to the area of interest. The reliability, validity, and accuracy of secondary data depend on how it was collected and analyzed. Examples of secondary data include information from intermediate sources like industry statistics, databases, and library resources. For this report, operational manuals, official websites, banking journals, BBL newsletters, and research papers were utilized as sources of secondary data.

Fig. 1: Data collection procedure.

BRAC Bank Limited

BRAC Bank Limited, the youngest commercial bank in the Bangladesh banking industry was founded in July 04, 2001, by the Bangladesh Rural Advancement Committee (BRAC), one of the biggest development finance institutions founded by Sir Fazle Hasan Abed in 1972. Though it is an affiliation of BRAC, it is partially owned by International Finance Corporation (IFC) and Shore Cap International. Initially, BRAC Bank Ltd. was founded to support small and medium enterprises (SMEs) in the country. Over time, it expanded its services to include the retail and corporate sectors, as well as catering to non-resident Bangladeshis. It is recognized as one of the top banks for processing inward remittances to the country and remains the leading SME-focused bank in Bangladesh. After being established in 2001, BRAC Bank has pioneered small and medium enterprise (SME) banking within a very short period in terms of the number of loans disbursed, the number of clients, the number of SME distribution channels covered, and other factors, it is the largest SME bank in the nation (Sami et al., 2021).

BRAC Bank has gradually grown into a large financial institution having 187 branches, The number of SME unit offices is 457 at this moment which are spread all over the country. BRAC Bank operates an extensive network of over 447 ATMs nationwide. Its distribution channels, outlets, and business segments are driven by a dedicated and skilled workforce, all working tirelessly to fuel the organizations growth. This organization has been coming up with new products and is planning to roll in more products to serve wide arrays of customers.

Business Divisions of BRAC Bank Limited

The Retail Banking Division offers a wide range of attractive and competitive banking products for individual clients. These include various term deposit schemes and STD & Savings deposit schemes, with interest on daily balances. Departments within this division include Branch Banking and alternative Delivery Channels (such as ATMs, Apon Somoy, cash deposit machines, phone banking, and e-statements). The Corporate Banking Division provides a comprehensive suite of commercial banking products and services for corporate clients, including multinationals, large and medium local corporations, NGOs, and institutions. The division operates with a centralized online banking system, where credit facilities are processed and then made available across all BRAC Bank branches. It strictly adheres to internal controls and complies with legal and regulatory requirements, with a credit approval process involving the Credit Division, Managing Director, and Board of Directors. Additionally, departments like Foreign Trade, Treasury, and Credit Administration support the Corporate Banking Division. The Treasury Division, which focuses on the money market, manages all treasury-related products, ensuring alignment with the banks policies on operations, trading, money market, overnight placements, deal settlements, and more.

The SME division is a specialized sector focusing on small and medium enterprises, supporting broad-based participation from small businesses across Bangladesh. BRAC Bank leads in the number of loans issued to SMEs, establishing a vast network nationwide. The Board of Directors, consisting of seven members including the Chairman, is responsible for key decisions, meeting regularly to drive a profitable, socially responsible financial institution. The banks vision includes fostering growth in line with BRACs goals, and contributing to a democratic, healthy, and poverty-free Bangladesh. The expansion of multinational banks, especially in the booming energy sector, poses challenges for local private banks. Existing foreign banks, such as Standard Chartered, are aggressively expanding their branch networks and entering the SME market, leveraging their financial strength to compete with domestic banks. SMEs are defined differently worldwide, with size determined by criteria like annual revenue, employee count, and assets, which vary by country. In the United States, SMEs can have up to 500 employees, though most other countries set this limit around 250 or fewer. SMEs constitute the majority of businesses globally, providing low-cost employment and flexibility to economies. Many SMEs are export-oriented, showing international competitiveness. Given their significance to Bangladesh economy and the challenges they face, policies to support SME growth and development are crucial.

BRAC Banks focus is on advancing the economic and social position of Bangladesh by supporting SMEs, which often lack easy access to commercial bank financing. The bank offers loans between BDT 3 to 8 lacs without requiring collateral, making financing more accessible. The development of small and medium-sized enterprises is critical for economic progress, as seen in Japans history, where SMEs played a vital role. BRAC Bank promotes employment in two ways: by funding small businesses that subsequently hire more workers, and by requiring educated individuals to assist entrepreneurs in its SME program. This program takes a unique approach, with customer service officers providing on-site support to entrepreneurs, offering guidance that helps them generate profits. BRAC Bank also encourages entrepreneurs to consider manufacturing their materials to increase profitability, and it educates clients on the benefits of SME banking for business growth.

Journey begins with “MISSING MIDDLE”

BRAC Bank, with 19 years of experience, has been a pioneer in SME banking, focusing on the "missing middle" of the financial pyramid. While corporate institutions at the top are served by banks and low-income individuals at the bottom by Microfinance Institutions (MFIs) like NGOs, small and medium enterprises (SMEs) in the middle have historically lacked adequate access to banking services. BRAC Bank stepped in to address this gap, offering SME loans for lower and middle-class businesses.

Criteria for Enterprise Selection

For a successful SME loan program, careful selection of the business and entrepreneur is crucial. BRAC Bank looks for businesses that:

1. Have operated for at least a year and are legally registered (e.g., trade license, tax or VAT registration).
2. Operate in legal and socially acceptable sectors.
3. Show market potential for growth and are strategically located near markets, suppliers, and necessary resources.
4. Face manageable risks that are well-understood by bank management.

Criteria for Entrepreneur Selection

The bank assesses the entrepreneurs abilities and integrity. Ideal candidates should:

1. Be in good health, preferably aged 25-50, with a clear succession plan if closer to 50.
2. Have relevant skills, training, or experience in their industry.
3. Be respected in the community, honest, and morally sound.
4. Show enthusiasm, control over their business, and a willingness to tackle new challenges.
5. Have a reliable payment history with suppliers and a stable source of income.

Criteria for Guarantor Selection

BRAC Bank also requires a suitable guarantor who:

1. Has the financial capacity to cover the entire loan if needed.
2. Is fully aware of their responsibilities regarding the loan.
3. May be a government or semi-government official, such as a teacher or doctor, but not police, military personnel, political leaders, or religious figures like mosque imams.

Through these carefully defined criteria, BRAC Bank aims to support and promote SMEs, contributing to economic growth in underserved segments.

Products of SME Banking

BRAC Bank provides a range of SME loan and deposit products designed to meet clients diverse financing needs. These products not only align with the banks requirements and deliver strong returns on investment but also aim to ensure customer satisfaction.

Risk of SME Lending

This paper explores credit risk modeling for small commercial loan portfolios, focusing on the challenges of their large size and limited information on borrowers finances. Using a portfolio of 220,000 French SMEs, it calculates future loss probabilities, Value at Risk (VaR), and marginal risk contributions to address loan pricing and compare capital requirements with the Basel Capital Accord.

BRAC Bank offers several deposit products tailored to SMEs:

Prapti Current Account: A current account designed for SMEs, offering interest on daily balances with unlimited transactions and no outstation check fees.

Prachurjo Fixed Deposit: A fixed deposit for small and medium businesses with a minimum deposit of BDT 50,000.

Shonchoy SME Deposit: A monthly deposit plan for SMEs, allowing flexible contributions (e.g., BDT 500, 1,000) for emergency funds or business needs.

BRAC Banks SME Loan Products -

1. Anonno SME Loan: An unsecured loan for business expansion, ranging from BDT 3 to 25 lac.
2. Apurbo SME Loan: A larger loan option for businesses with security, starting at BDT 10 lac.
3. Shomriddhi SME Loan: For import/export, tax payments, and working capital, beginning at BDT 10 lac.
4. Tara SME Loan: A loan program for women entrepreneurs, supporting business needs across different segments.
5. Nirman SME Loan: An EMI-based loan for constructing or renovating residential/commercial properties.
6. Bahon SME Loan: A vehicle loan for purchasing commercial vehicles like trucks, vans, and buses.
7. Shohoj SME Loan: A loan for businesses with fixed deposits or other savings instruments.
8. SME Loan Process

BRAC Banks SME loan process involves simple steps

Customer Interaction: A Customer Relationship Officer (CRO) consults with the customer to identify a suitable loan product.

Enterprise Selection: The CRO surveys and selects potential enterprises, gathering business details and confidential information about the client.

Account Opening: If approved, the client opens a BRAC Bank account, through which loan disbursement and repayment occur.

Fill up CIB form

The CRO provides a Credit Information Bureau (CIB) form to the client for completion and signature. If the client is illiterate, the CRO assists by filling out the form on their behalf. Once completed, the CRO sends the form to the SME head office, which compiles the data and forwards it to Bangladesh Bank for clearance. Bangladesh Bank processes and returns the form within one day, along with a reference number. As of December 31, 2014, loans and advances increased by BDT 20,216 million (62%), reaching BDT 52,677 million. This growth reflects strong lending activities and overall expansion in the banking sector, driven by a customer-centric approach and a focus on profitability. A table below outlines the total loans and advances over a five-year period in BBL.

Table 1: Total Loan and Advance (Taka in millions). 

The SME sector, a primary focus for bank financing since its inception, accounts for 63% of total loans and advances, with BRAC Banks major portfolio concentrated in the commercial sector.

Analysis

The CROs face several challenges impacting their efficiency and the overall growth of the portfolio. They lack product diversification and primarily focus on selling “Anonno” loans, with an average loan size of BDT 8 lac over the past year. This limited focus and absence of larger ticket-size loans constrain portfolio expansion. Additionally, the careless attitude of CROs leads to errors in loan files, causing delays in approval by the CRM team. Operational issues also hinder productivity, including a small collection team handling numerous overdue accounts, slow webmail systems disrupting workflows, and cramped office spaces shared by multiple teams, resulting in disorganization. Moreover, the practice of collecting EMIs at the end of the month poses risks, requiring continuous monitoring. Customers are dissatisfied due to inadequate information provided by CROs even after loan disbursement. Lastly, low salary packages for entry- and mid-level management contribute to employee dissatisfaction and retention issues.

Additional Observation of SME Financing

SMEs undoubtedly play a very important role in the economy of Bangladesh in terms of output, employment, and private sector activities. In recent years, structural changes suggest a shift from traditional to relatively modern product categories with higher capitalization and use of better production techniques. But implementing SMEs has faced the following constraints. 

Trade License

Investors must obtain a trade license from local government bodies, often facing delays, harassment, and unofficial payments. Simplifying the process and making issuance automatic upon payment of fees and compliance declaration is recommended.

Registration under the Factories Act

Manufacturing units employing 10+ workers must register under the Factories Act of 1965, but this process is burdensome, especially for SMEs, due to uniform safety and working condition requirements. Tailored, realistic regulations for SMEs and minimizing the discretionary powers of inspectors are suggested.

Environmental Clearance

Industries need certificates from the Department of Environment for pollution and safety compliance. Clear and specific requirements for different industry types and sizes are necessary to streamline the process, allowing investors to proceed based on a compliance declaration.

Registration with Sponsoring Agencies

While currently voluntary, mandatory registration with agencies like BSCIC or BOI could help track private investments. The process should be simplified, requiring minimal information, and not contingent on proof of investment to reduce investor burdens.

Contract Enforcement and Resolution

Both large and small firms face challenges in contract enforcement due to an outdated and inefficient legal system. Lengthy, complex adjudication processes and systemic corruption make it easy to delay hearings. Small and medium enterprises (SMEs), with limited resources, often struggle to sustain themselves during prolonged legal disputes.

Access to Finance

SMEs face significant challenges in securing fixed and working capital due to banks reluctance to lend. High costs associated with processing and monitoring SME loans, coupled with complex loan application procedures, discourage lending. Additionally, the removal of interest rate subsidies without addressing interest rate caps reduces incentives for financial institutions to support SMEs. Banks often require real estate as collateral, further limiting SMEs access to loans. In response, past government initiatives included targeted lending programs and a mandate for banks to allocate 5% of their loan portfolios to small and cottage industries. Institutions like the Bank of Small and Cottage Industries (BASIC) were established to address SME financing, and international funds, such as those from the Asian Development Bank, were channeled through private banks to support the sector.

Extremely short grace period

In our country, grace period of repaying any credit is very low. According to the SME entrepreneurs, almost all the Banks structured the loan in such a way that entrepreneurs have to start the repayment of credit within a very short time after disbursement of credit. This is really a big problem for the entrepreneurs because the entrepreneurs are bound to generate profit instantly to fulfil the Banks requirement. But this is impossible, as a business needs a minimum time to be in a stable position and to generate profit. Proper loan restructuring is needed in this regard.

High interest rate

Another problem is that extremely high interest rate for the entrepreneurs. Many entrepreneurs is having problem because of high interest rate. Banks, in many cases, maintain high spread as a result there remains reckless competition of making more profit from the Banks perspective. And, sufferers are general entrepreneurs who borrow from the Bank. This issue must be in consideration regarding loan structuring.

Project Preparation and Evaluation

Entrepreneurs face difficulties in preparing proper project proposals when seeking institutional financing. Despite guidelines from the central bank, the loan application process remains complex and time-consuming. Many entrepreneurs lack the expertise to create suitable proposals, and even when external experts are engaged, financial institutions often fail to evaluate the proposals effectively due to their own limitations.

Collateral Requirements:

Banks typically rely on collateral-based lending, favoring fixed assets like land to assess credit-worthiness. This practice disadvantages SMEs, as larger businesses can bypass these requirements using influence or questionable collateral valuations. To address this, banks should prioritize cash flow-based assessments and establish stronger deposit relationships with SME owners. Expanding credit guarantee schemes can also help mitigate this issue.

Bureaucracy and Corruption

Public financial institutions are plagued by inefficiency, rigidity, political interference, and corruption, stemming from a lack of autonomy and accountability. Bank officials, whose performance is poorly evaluated, often show little initiative in supporting SME borrowers. Some adopt inflexible or passive stances, either avoiding lending risks or seeking bribes for favorable loan handling. Without reforms in public financial institutions, SMEs will continue to struggle with these systemic issues.

Different Categories of SME Business

In terms of survey analysis, it found that 55% of the clients are involved on trading business on the basis of banks enterprise scenario. Almost 30% sample clients are carrying out manufacturing business in our country and few are engaged in service business. Customers mentioned that they prefer their business area, which are close to their premises. It helps them to carry out their own business by staying in close and have mental satisfaction. Some clients commended that it would be risky if the location of the business is become far. 

According to the survey, most of the clients are carrying out business whose ages are between 30 to 50. It has been found that few clients are on above 50. SME believes that in terms of our age limit in this country it will be very risky to provide loans above 60 aged clients. 

Fig. 2: Age limit of the clients BBL.

Business maintains other loans or not

It could be analyzed that most of the clients do not maintain taking BRAC bank SME loans. Small number of clients are maintaining personal loan and few are carrying out lease financing for their internal activities.

Educational qualification of the clients

It can be state that the educational qualifications of the most clients are very poor at this business level in our country. Most clients have passed SSC and very few completed Graduation or Masters. In terms of their low educational background might not help long run decision making. SME supports those clients who can understand his/her own business. CRO also gives guidelines to develop their business.

Fig. 3: Educational qualification of the clients.

Business Commencement of BBL

As an employee of this division, it should be mentioned that client has to maintain at least one year running business to have this loan. So, by carrying out business clients should understand better about his/her own business or future plan and what would be the main season to have the loan.

Business required any loans of BBL

78% clients demand small loans whether it can develop their own business, which found in the survey. Few clients think that to take loan might be risky to carry out the business.

Purpose of SME loans of BBL

According to the survey, it can analyze that most clients want loan to meet their working capital requirements. In our country most clients carry out trading business rather than manufacturing business. Few clients demand manufacturing loans to purchase of fixed assets. In this case clients require medium loans like 15-30 lacs for purchasing fixed assets.

Interest Rate SME loan of BBL

52% of clients are satisfied on existing interest rate by comparing with other banks in terms less security. Most clients prefer reducing balance method that BRAC bank proportion in favor of clients. 43% clients are not happy to get this loan with charged interest rate. They think interest rate should be reduced. 5% clients disagreed to comment on this regard. SME believe that they do not have any hidden costs and free from bribes. It is a fresh organization whether clients can have for loans in terms of small enterprise.

Duration of loans of BBL

In spite of analysis, most clients want more duration or time to repay the SME loan. More time means less amount of money to repay the loan whether clients think beneficial of it. Very few clients demand short term or single payment loan to repay.

Security Preference of BRAC Bank Ltd

According to the survey, it can imply that 75% of the clients want to provide deposit hypothecation of business assets against loan which also they feel less risky. If the clients gofer big amount then they have to deposit registered or equitable mortgage against loan which they feel too much risky. But land property sometimes carries triples amount of security from loan amount. So, it they fail then they might sell their property.

Repay monthly installment

Majorities of clients are happy to repay the loan by equal monthly installment. Clients know when where and how they will repay the money. So, there is not botheration between clients and CRO. 

Fig. 4: Rate of Monthly installment.

In terms of survey, it has found that almost 55% of clients interested to expand the business from trading to manufacturing. Purpose of the loan is economic development in our country, which might divert the clients mind after having the loan expansion. 30 clients are not interested to expand their business from trading to manufacturing. 15% did not answer this question. 

BRAC bank, as we know, is one of the fastest growing banks in Bangladesh. SME banking which has made the performance of this bank so enlightened is its core product to offer to the small and mediocre business entrepreneurs. In fact, no businessman could think ever before that they could take loan so easily, without any collateral and without going to bank. But BRAC Bank has made this improbable process so successfully through SME banking. However, from the analysis of SME loan repayment behavior I can make the following findings:

Fig. 5: Business Expansion of BBL.

Age have a significant impact on the recovery of SME loan. Young entrepreneurs have lower rate of recovery. On the other hand, as middle aged and experienced entrepreneurs are very loyal with their loan repayment, they can make proper and timely repayment of their loans. And thats why most of the SME loan borrowers age rages from 30 to 40.Education does not have any direct relationship with the recovery rate. In fact, most of the entrepreneurs of retail and whole business (small or medium in size) are not highly educated. Most of them studied up to class 9 or

Sometimes there are some entrepreneurs who have only alphabetic knowledge or who can give their signature only. But still they are running their business so well for many years. In this case experience makes them successful in their business. So, education does have much impact on these small and medium enterprises and also on the recovery rate of SME loans. Experience is the most significant variable, which has a great impact on any kind of business and recovery rate as well. Experienced entrepreneurs run their business so tactfully, identify the exact time what is their pick time of sales and when they need fund. They take the loan in the pick season when they have excess demand but short of capital. Then they ensure the best use of the loan and finally they reach to success and make the dully installments. So, their recovery rate is good and that‟s why BRAC bank looks always for experienced entrepreneurs. Number of installments (term of loan) and amount of loan taken do affect recovery rate slightly. But trends show that BRAC bank prefers to disburse loan of an amount of 300000and at a term of 18 to 24 months.

Another variable affecting recovery rate very much is the income of the borrowers. The higher the existing income of the borrowers, the lower the rate of default. Higher income groups make the best use of the loan they have taken and get success. On the other hand, lower income group may misuse the loan and ultimately may default in paying installments. Personal or family asset might have some impact while sanctioning the loan as well as when recovering the loan installments. Suppose if a borrower fails to pay one of his installments, bank can find his personal assets as back up for the recovery of the installments. Retail business and wholesale business both types of businesses get loans from BRAC Bank but whole sellers have a higher recovery rate as their business transactions occur at lot size and their collection is much quick.

Marketing activities should be increased to make the potential customers informed about the products and services of SME. Product knowledge needs to be developed and CROs must sale other products to diversify the portfolio. CROs should be given training time to time and keep them up to date with latest information and follow up on their work strictly. Frequently check client‟s performance regarding payments which would save the client from being an overdue client. By redesigning the incentives and benefits of the CROs they can be motivated to work more efficiently. Giving a good environment to work and recognition would be a non-monetary inspiration for the CROs. The diversification of the loan amount needs to be strictly monitored which can lead to product diversification and big-ticket loan. Collection and sales targets should be managed according to the market size and potential of any region. In recent days Small and Medium Enterprise (SME) Financing has become an important area for Commercial Banks in Bangladesh. To align its corporate policy with the regulation of the Central Bank, banks have become more concerned about SME and opened windows to conduct business in this particular area. BRAC Bank Ltd has been established on the visionary to finance the “missing middle” in order to bring economic development of the country. With its unique thinking and impressive business strategies it has proven small and medium enterprises as an emerging economic opportunity.

Recommendations

To overcome challenges faced by SME is not easy. Both the government and individual organization need to concern about it. Some general instructions already discussed previous section. This section will recommend some policy could be adapted by BRAC Bank Ltd specifically. To overcoming the barriers discussed in previous section following policies can be implemented-

Reduce the interest rate- Because many of their competitors are providing loans at lower rate. For example, most of the competitors banks providing loan at 10-12%interest rate. High interest rate is the result of high cost of fund, so they must source fund at lower cost. Train the Customer Relationship officers more comprehensively and realistically so that customers may not face any trouble while getting and repaying the loan. Sometimes CROs, bank staffs or direct sales team select potential borrowers in order to meet sales target. Its a major reason of defaulter. So BRAC bank should not put excessive pressure on employees because at the end of the day it hampers bank reputation. 

Organize entrepreneurs meeting to train them up according to the business type. Prepare retail division staffs especially front-line employees about SME vastly. Because most people do come to retail branch in order to get informations. A loan approval procedure is lengthy. This should be reducing. Borrowers assessment and monitoring system should be stricter. Current defaulter rate says that there is some weakness in loan approval and monitoring system. More media converge is needed to inform potential borrowers about products and services. There TV advertisement and radio coverage could be strong media. BRAC bank can share common platform in order to provide SME loan. It can jointly work with other financial institutes without hampering profits. For example, entrepreneur training season could be arranged jointly with SME Foundation. 

Increase marketing activities in the urban area because other competing industries are given huge ads in urban an area which helps them to increase their customer base. BRAC bank should have a separate banking division for women. This will encourage woman in baking activities. Analyze customers‟ behavior to determine what type of customer makes default and stop giving them SME loans. The risk Management departments audit report should be stricter and more reliable so that possible defaulters may not get the loan. Increase the remuneration and compensation package for the entry and mid-level management otherwise; BBL cant retain efficient and experienced employees.

M.M.R.: conception, design, analysis, and interpretation of data for this work. M. H.; & M.R.I.: research process, including the formulation of hypo-theses, literature review, methodology, data collection, analysis, and manuscript writing. Each author re-viewed and approved the final version of the manuscript.

It is an honor for me to express my gratitude to the Z. H. Sikder University of Science & Technology for providing me all the facilities in every possible way to prepare this research paper. The successful completion of this work might never be possible in time without the help of some persons whose inspiration and suggestion made it happen.  First and foremost, I am grateful to my thesis supervisor Md. Motiar Rahman, Assiatant Professor, Dept. of Business Administration, Z. H. Sikder University of Science & Technology for his dedicated supervision and patient assistance. Without his guidance, valuable advice and support it would be very difficult to complete the work appropriately.

There is no conflict of interest in this research.