Brac Bank has introduced a financial product called "Tally Loan – Druti" to promote greater financial inclusion in Bangladesh.

This business loan is designed specifically for small traders, often overlooked by formal financial institutions, Brac Bank said in a press release today. 

"Tally Loan – Druti" is based on the traditional bookkeeping books of small traders called "Tally Khata", which has been used in Bangladesh for over a thousand years. 

Small business owners can now use their "Tally Khata" as proof of transactions and creditworthiness to apply for a bank loan, it said. 

Brac Bank's relationship officers will visit small businesses, assess their credit needs based on "Tally Khata" records, and fill out loan applications, it added. 

The bank also helps customers obtain necessary documents, such as trade licenses for loan applications. 

Male entrepreneurs with at least two years of experience and women with one year of experience are eligible for loans up to Tk 15 lakh without requiring any mortgage, which can be repaid within two years.

The service has been launched in Narayanganj. The bank has also planned to further expand the service to the Cumilla and Narsingdi. 

This loan has helped small business owners overcome mental barriers and access financing support, empowering them to break free from the cycle of debt from loan sharks, it said.

Syed Abdul Momen, Brac Bank's deputy managing director and head of SME banking, said their commitment to financial inclusion is redefining banking and creating a fairer and more equal world. 

"The loan sanctioning process is straightforward, with only Tally Khata records assessed and loans disbursed within 72 hours. The bank will continue to explore new ways to support grassroots business entities," he added.