‘e-Loan’ for online SME entrepreneurs launched

Shakti Foundation, one of the largest microfinance institutions in the country, and Delivery Tiger, a leading logistics platform, have collaborated to launch the ‘e-Loan’ product for online entrepreneurs.

The ‘e-Loan’ product enables online small and medium (SME) retailers to get loan of up to Tk 5 lakhs within 5 to 7 working days of application, claims a press statement.

An agreement regarding e-Loan was signed on Monday at the head office of Shakti Foundation in Mirpur area of the capital.

AKM Fahim Mashroor, chief executive officer of Delivery Tiger and Imran Ahmed, deputy executive director of Shakti Foundation, were present on the occasion.

The entire process from loan origination to disbursement and repayment is completely digitised. This allows small and medium entrepreneurs quick access to finance; moreover, the service charge of this loan is also relatively low compared to MFI standards.

The small and medium entrepreneurs, who currently can't apply for SME loans from banks due to trade license or other document related issues can also easily apply for this e-Loan.

Delivery Tiger and Shakti Foundation hope that this product will help meet the demand for working capital of online SMEs.