People’s Bank announces business loans to step up business to next level

Deputy General Manager – SME, Development and Micro Finance Wickrama Narayana

Supporting business growth with development and SME loans

According to People’s Bank Deputy General Manager – Enterprise Banking Wickrama Narayana, “Development and SME loans play a crucial role in driving economic growth by providing entrepreneurs and small businesses with the financial support they need to expand and innovate. These loans empower businesses to invest in new technologies, enhance productivity, and create employment opportunities, ultimately contributing to a thriving economy. Therefore, People’s Bank has introduced various loan schemes to support the SME and Micro sectors, ensuring they have the financial backing needed to grow and sustain their businesses.”

Loan schemes to suit various business needs

• Aswenna loan scheme

This loan scheme is specifically designed for farmers to support the purchase of paddy lands. It offers investment loans up to Rs. 5 million and working capital loans up to Rs. 2 million, enabling farmers to enhance their agricultural operations effectively.

• Vanitha Saviya loan scheme

People’s Bank has introduced this development lending scheme to expand banking access for women entrepreneurs. The scheme provides a maximum loan amount of Rs. 25 million for both investment and working capital needs, supporting commercially, technically, and financially feasible businesses owned by women.

• Kapruka Ayojana loan scheme

This loan scheme aims to facilitate the development of coconut cultivation by offering a maximum loan amount of Rs. 5 million for investment and working capital purposes.

• People’s Power loan scheme

Designed to support MSMEs and low-income earners, this scheme provides financial assistance to improve products, services, and business processes. It offers group loans up to Rs. 0.5 million and individual loans up to Rs. 5 million for investment and working capital purposes.

• Pledge loan scheme

This scheme is structured to provide financial assistance for the purchase and storage of paddy and maize. The maximum loan amount is determined based on customer requirements and warehouse capacity.

• New Comprehensive Rural Credit Scheme (NCRCS)

NCRCS is introduced to uplift the socio-economic conditions of micro and small-scale farmers engaged in short-term crop cultivation. The maximum loan amount is Rs. 3 million, based on the crop and land extent.

• SMED loan scheme

This scheme caters to businesses requiring financial assistance for investment and working capital needs of mid and large storage SME customers whose annual turnover is below Rs. 1 billion. The loan amount varies based on the requirement, with a minimum of Rs. 500,000. It includes investment loans, short-term loans, letters of credit, overdraft facilities, and letters of guarantee. Priority sectors include agriculture, industrial businesses, trading, dairy, fisheries, IT, apparel, tourism, education, and export/import businesses.

• Business Power loan scheme

This loan scheme aims to facilitate SMEs in agriculture, construction, exports, innovation, and technology-based businesses. It offers investment and working capital loans up to Rs. 250 million and working capital loans up to Rs. 50 million.

• Rooftop Solar and solar projects

This scheme provides financial support for businesses investing in solar power systems, with a maximum loan amount of Rs. 500 million.

• Green Power loan scheme

Designed to promote environmentally friendly projects and businesses, this scheme provides financial assistance up to Rs. 500 million for green finance initiatives. Eligible sectors include agriculture, forestry, manufacturing, construction, tourism, and waste management.

• People’s Spark loan scheme

This scheme supports individuals and businesses in agriculture, food and beverage, manufacturing, innovation, tourism, and essential services including viable startups. The maximum loan amount is Rs. 2.5 million for investment and working capital needs.

• SMILE III loan scheme

This scheme supports value-added manufacturing businesses, providing loan facilities up to Rs. 25 million.

People’s Bank is committed to providing financial solutions that enable businesses to thrive in a competitive market. Whether a farmer is looking to expand an agricultural business, an entrepreneur is aiming to scale operations, or a company is investing in green energy solutions, business loans are designed to support their success.