Sunday Dec 15, 2024
Sunday Dec 15, 2024
Friday, 1 June 2018 00:00 - - {{hitsCtrl.values.hits}}
SDB bank launched a unique initiative targeting women entrepreneurs in the micro and SME sector. The current initiative is implemented by SDB bank as a solution for the credit gap faced by women entrepreneurs in the said sector.
The launch of the product was held on 24 May at SDB Kirulapone branch while islandwide branch-level ceremonies were held to coincide with the main event. Over 200 number of female entrepreneurs islandwide were financially assisted on the day of the launch.
According to the 2014 census, 24.8% of the total MSMEs in Sri Lanka are female-owned and the majority of women SMEs are trapped either in micro or small space whilst a rare few make it to the medium 6.1% and large (4.6%).
Further, it has been also identified that there is a significant credit gap of around Rs. 50 billion of women-owned businesses in the MSME segment recording a 22% underserved and/or unserved credit needs, which justifies the existence of unscrupulous money lenders and informal funding mechanisms at grass-root level.
As a solution to this issue SDB has introduced this loan scheme with up to Rs. 1 million credit requirements without immovable securities. Loans will be granted up to five years based on the requirement and the approval process is streamlined to ensure quick disbursement of loans.
Lack of collateral, access to finance, knowledge gap and balancing the business with family life have been identified as the main obstacles of the women entrepreneurs. SDB Uththamavi provides a total solution of financing their MSMEs including credit facilities with capacity building and skill development programs.
The SDB Uththamavi initiative is a total financial solution for women which includes savings, loans, insurance benefits, fixed deposit scheme with hospitalisation benefits and skill development and capacity building programs for women entrepreneurs. The new initiative therefore fulfils a long-felt need for Sri Lankan women entrepreneurs in this sector.
