The Bank of Ceylon (BOC) ‘Thurunu Diriya’ loan, which is implemented under the ‘Enterprise Sri Lanka’ program, has disbursed Rs. 81 million worth of loans within 26 weeks, the Prime Minister’s Office said in a statement yesterday.
The first-ever Thurunu Diriya loan was granted to a young entrepreneur from Ankumbura, Kandy on 12 April, and it has disbursed 182 loans to young entrepreneurs from around the island to date.
Provincial-wise progress review meetings to review the progress of the implementation of this loan scheme was conducted island-wide from the beginning, and the first round of the progress review meetings covering all the nine Provinces has already concluded.
The Thurunu Diriya loan scheme, which grants loans with a simplified guarantor and no collateral requirement for qualified young entrepreneurs, was initiated by BOC as a response to a suggestion made by the Policy Development Office of the Prime Minister’s Office from the Governor of the Central Bank of Sri Lanka.
The Central Program Management Unit (CPMU) of the Ministry of National Policies and Economic Affairs, and District Secretariats island-wide, together with the Small Enterprises Development Division (SEDD) of the Ministry of Youth Affairs, Project Management and Southern Development, are implementing this loan scheme. A coordinating officer from each Divisional Secretariat has been appointed to coordinate the implementation of this special loan scheme.
As this loan scheme is carried out by reviewing practical issues through constant observations and follow-ups, it has been able to attract the young entrepreneurs around the country.
The Western Province and Ratnapura Districts have lead the Provincial-wise and District-wise disbursements, respectively.
The 69 young entrepreneurs who were qualified to receive ‘Thurunu Diriya’ loans were identified from Uva Province. Another 10 entrepreneurs from Uva Province have already received this loan, and business plans for another 32 young entrepreneurs were prepared by SEDD and handed over to BOC. The officials who were present at the meeting unanimously agreed to take the necessary steps to increase the amount of loans disbursed by the second round of meetings, which is scheduled to be held in January next year.
The BOC Thurunu Diriya loan scheme grants loans for young entrepreneurs without a guarantor and collateral or with lenient guarantor conditions, for small-scale young entrepreneurs below the age of 40, who possess a degree or a recognised vocational certificate and who have been in business for at least three years.