In 2022, Brac Bank introduced the Electronic Loan Application Proposal (eLAP), a digital platform designed for faster and more efficient loan applications. By December 2023, eLAP had been rolled out across 556 SME Unit Offices nationwide, transforming SME banking in Bangladesh. Before eLAP, the loan process involved multiple stages, from business initiators to credit approvers, each requiring manual data entry and document handling, which was both time-consuming and error-prone. Developed by Veefin Solutions Limited, eLAP offers a user-friendly interface that’s accessible to users with varying levels of technical skill and complies fully with local regulations. Reducing the processing time was a top priority: Traditional SME loan applications took an average of 15 working days, primarily due to document handling and approval stages. With eLAP, this has been cut down to 13 days, speeding up the process while preserving thoroughness. eLAP is more than technological advancement; it’s a pivotal shift for SME banking in Bangladesh. With over 100,000 loans disbursed, totalling more than BDT 178.52 crore, eLAP has already made a tangible economic impact, empowering SMEs and supporting grassroots growth.
