Berendina Micro Investments expands outreach in Batticaloa District

Wednesday, 17 June 2015 00:00 -     - {{hitsCtrl.values.hits}}

The Berendina Micro Investments Co. Ltd opened two new branches in Kaluwanchikudy and Aarayampathy of Batticaloa district recently. The new branches were officially declared open by 

Berendina Group Chairman Dulan de Silva. The chief guest at the sdfhopening of the Kalawanchikidudy Branch was Divisional Secretary M. Gopalaretnam. Also present at the opening ceremonies were Plan International Head of Programs for Batticaloa District David Sadanandan, Palm East Project Manager S. Panweerselvam, Berendina Development Services General Manager Eroshan Alagaretnam, Berendina Microfinance Institute Area Manager – Batticaloa Rajany Yoganathan, newly appointed branch managers of Kalawanchikudy and Arayampathy branches, Ajithsiri, Vithurshana and Berendina Development Services – Batticaloa District Manager Kushanth Benedict.

A number of heads of Rural Development Societies and Women’s Development Societies in the area also participated at the opening ceremonies.

Berendina Micro Investments Co. Ltd was established in January 2015 in parallel to the already established Berendina Microfinance Institute (BMI) to provide more efficient services to deserving microfinance clients. The Berendina Microfinance Institute (BMI) currently operates a successful branch in Valachanei of the Batticaloa district, which since establishment in December 2013 has seen a total loan disbursement of Rs. 78 million with 2,710 active borrowers. 

The total loan outstanding portfolio as at 31 March at BMI’s Valachanei branch was Rs. 64 million. 

In addition to providing financial services, Berendina has conducted 38 Enterprise Development Trainings for over 600 clients since inception of the branch in late 2013. It should be noted that Berendina provides loans at the lowest interest rate in the private sector. 

Given the prevailing poverty levels, expansion of economic activities and community requirements for reasonable credit facilities in the Batticaloa district, the Berendina Group has timely identified the need to further expand its microfinance services in the area. 

In addition to microfinance services, Berendina provides scholarships to talented underprivileged students; vocational training to deserving youth; and facilitates links between unemployed youth and employment opportunities.  Berendina has also provided 1,200 families with access to safe drinking water; allowances to destitute families; and supported 100 families’ livelihoods by providing legal nets in the Batticaloa district.