Bangabazar traders seek loan deferment

Traders of Bangabazar Complex, who were running their business on loans, have urged the government to ensure that they do not have to pay instalments for a specified period as they are recovering from a recent fire at the apparel market in Dhaka's Gulistan.

Dulal Ahmed Khan, organising secretary of the Bangabazar Complex Business Association, yesterday made this plea while talking to The Daily Star.

"The traders are on the verge of losing their very existence. In such a situation, it is not possible for them to repay loans," he said.

A fire had broken out at Bangabazar Complex on Tuesday morning last week and after six-and-a-half hours of effort, the fire service eventually brought the blaze under control.

But on Wednesday, smoke was seen coming from the nearby Annexco Tower while various other areas of the apparel retail hub kept smouldering until as recently as Thursday.

Owned by the Dhaka South City Corporation, the 21,250 square feet shopping complex consists of Bangabazar Market, Gulistan Market, Mohanagar Market and Adarsha Market.

Having lost their capital due to the devastating fire amid the ongoing Eid-ul-Fitr season, some 5,000 traders at the market have become penniless.

"Many businesspeople picked up goods for the Eid market taking loans from banks while others borrowed from relatives and some even sold their land or gold ornaments," Khan said.

Various traders had taken loans to run their business this Ramadan as it is the peak sales season in Bangladesh.

"But now, they are worried about repaying these loans," he added.

Khan went on to say that traders want to return to business before Eid however possible, which includes setting up shop under the open sky inside the burnt shopping complex if need be.

"We have customers all over the country. Many of them are communicating with us. So, it won't take long to recover if we get a chance to do business," he said.

With efforts to clean up the area having started on Friday, traders were seen setting up temporary shops the very next day.

"What is destroyed is gone. Now we have to live anew. But to do so, we must quickly return to business. So, whatever needs to be done must be done by the government," Khan added.

He then said they could regain some capital by doing business just two weeks ahead of Eid.

"With that capital, the traders would be able to turn the wheel of business in some way in the coming days," Khan added.

He also said the number of businesspeople involved with the market is very high.

So, while it is also not possible for the government to provide them all financial assistance, it is important to create opportunities for doing business.

He went on to say they have a list of those who operate at the complex and so, there is no opportunity for businesspeople from any other area to benefit from what comes next.

"The government will build multi-storied buildings on the burnt area. There were 5,000 shops here. Accordingly, if each shop is 50 square feet, then seven floors will have to be given to us," Khan said.

In the meantime, the affected traders should be assisted by the government, he added.

The Bangladesh Shop Owners Association and Bangabazar Traders Association also requested the general public to aid the traders' recovery. For this, an account has been opened with IFIC Bank.

The money deposited in the account will be disbursed to affected traders by Salman F Rahman, the prime minister's adviser on private industry and investment, and Sheikh Fazle Noor Taposh, mayor of the Dhaka South City Corporation.