IDLC, in partnership with ShopUp launches 'IDLC-ShopUp Online Purnota Loan Fair'

IDLC Finance Limited, in corporation with online business platform ShopUp, has launched an e-loan fair titled "IDLC-ShopUp Online Purnota Loan Fair," on Sunday.

The loan fair aims to provide e-loan facilities to the women entrepreneurs in e-commerce and f-commerce sector, said a press release.

IDLC Managing Director and CEO Arif Khan and ShopUp CEO Afeef Zaman inaugurated the event virtually, while some other high officials from IDLC & ShopUp were also present online.

In the fair, enlisted women entrepreneurs who are running their businesses online for last one year using ShopUp's platform will be eligible for the loan at a competitive interest rate - which may be as low as 7 percent for new women entrepreneurs as per the Bangladesh Bank's Refinance Scheme for eligible applicants.

The loan size is minimum Tk50,000 to maximum Tk5 lakh with a duration of 3 months to 12 months.

IDLC is expecting to serve a large number of women entrepreneurs across the country through this initiative towards financial inclusion for e-commerce and f-commerce businesses.

"IDLC has always been supporting women entrepreneurs and their innovative initiatives. I believe our partnership with ShopUp will help women entrepreneurs getting business finance faster and easier.  We plan to enable many more through our financing with this partnership," said IDLC Managing Director and CEO Arif Khan.

"We have always believed this decade will be about the soaring rise of SMEs in Bangladesh. And it will be made possible through the mass adoption of the internet and technology by the SMEs. From what we have observed, women entrepreneurs are at the forefront of this adoption and have spearheaded the surge of social commerce in Bangladesh," ShopUp CEO Afeef Zaman said.

"Through this partnership with IDLC, we are excited to extend digital credit to these SMEs and help them flourish in the coming years," he added.