Enterprise SL loans opened to small biz

Finance Minister Mangala Samaraweera addressing Central Bank, Bank of Ceylon, People’s Bank and the Regional Development Bank officials yesterday, calling on them to expedite the Enterprise Sri Lanka loan program. From left: Highways Minister Kabir Hashim, State Minister for Finance Eran Wickramaratne and Finance Deputy Minister Lasantha Alagiyawanna

The Finance Ministry yesterday decided to revise requirements for Enterprise Sri Lanka loans to include very small businesses and simplify the registration process to improve inclusivity, the ministry said in a statement yesterday. 

The decision had been made during discussions on Friday between Finance Minister Mangala Samaraweera and heads of Bank of Ceylon, People’s Bank and Regional Development Bank as well as other officials. 

A progress report on the disbursements of loans under the Enterprise Sri Lanka program by the three banks will also be presented to the Finance Ministry as part of efforts to improve progress monitoring.    

“During the discussions, it was decided to conduct training programs for all new entrepreneurs, district-wise, along with the Central Bank officials on how to develop a business plan prior to applying for a loan and to continue assisting them through the loan process,” the statement said.

Furthermore, a monthly progress report will be submitted to the Ministry of Finance on the disbursement of loans. 

It was also decided to revise the loan facilities to accommodate very small-scale businesses and to simplify the registration of businesses through the local authority/Divisional Secretariat. The Finance Ministry, the Central Bank and the State banks also agreed to meet once a month to discuss the progress of the Enterprise Sri Lanka program.

A special hotline will also be set up register any feedback from the loan applicants.

The meeting was held between the Ministry of Finance, the Central Bank and the Heads of Bank of Ceylon, People’s Bank and the Regional Development Bank to expedite the Enterprise Sri Lanka loan program.

The meeting was chaired by the Minister of Finance and Mass Media Mangala Samaraweera with the participation of the Minister of Highways, Higher Education and Investment Promotions Kabir Hashim, State Minister for Finance Eran Wickramaratne, Deputy Minister of Finance and Media Lasantha Alagiyawanna, Secretary to the Treasury Dr. R.H.S. Samaratunge, Governor of the Central Bank Dr. Indrajit Coomaraswamy, the chairmen of State banks and other top officials of the three State banks.

Galle leads in loan disbursements

Galle District leads the Bank of Ceylon’s ‘Thurunu Diriya’ loan disbursements in the island by disbursing loans for nine young entrepreneurs in Galle.

This was revealed by the weekly progress report on implementing the Thurunu Diriya loan scheme, which was released by Bank of Ceylon on 8 August. 

Meanwhile, the provincial-wise loan disbursements was led by the Western Province by disbursing loans for 13 young entrepreneurs of this province. 

This report also reveals that there is a 40% progress of growth compared to the previous week in provincial-wise progress of implementing the ‘Thurunu Diriya’ loan scheme. 

The interest among young entrepreneurs from all corners of Sri Lanka towards ‘Enterprise Sri Lanka – Thurunu Diriya’ program is increasing day by day. The commitment of the stakeholders towards the success of this program should be highly appreciated and the commendable progress of this program proves their high commitment.

The Bank of Ceylon in collaboration with the Policy Development Office (PDO) of the Prime Minister’s Office and the Central Program Management Unit (CPMU) of the Ministry of National Policies and Economic Affairs implemented the ‘Thurunu Diriya’ loan scheme with the objective of empowering young entrepreneurs in the country. 

It provides loans without a guarantor and collateral or with lenient guarantor conditions for small-scale young entrepreneurs under 35 years of age, who possess a degree or a recognised vocational certificate and were being in the business for not less than three years.