Pan Asia Bank launches Swashakthi credit facility scheme to support micro and SME businesses
Sri Lanka’s fastest growing and most innovative bank, Pan Asia Bank recently launched Swashakthi credit facility scheme under the government’s national programme to create one million employment opportunities via micro and SME businesses.
The initiative was spearheaded by Pan Asia Bank’s Kaduruwela branch on 17th of May, under the patronage of Deputy General Manager - Branch Credit, Naleen Edirisinghe. Nihal Weerasinghe, Regional Manager, North Central Province, Central Bank of Sri Lanka; Jayantha Dhanapala, Assistant Director, Small Enterprises Development Division, Polonnaruwa district; Arun Beadle Area Manager, Pan Asia Bank and several government officials graced the occasion.
The loan facility programme was set in motion by the Micro Finance Division of Pan Asia Bank in support of the said government initiative to generate one million job opportunities for youth, graduates and those with special skills and needs that possess innovative ideas for business ventures. The project encompasses support for Micro and SMES that aim to utilise available resources in rural vicinities, harness information technology and produce environmentally friendly goods.
Under the scheme a credit facility up to a sum of Rs. 200,000 will be extended to new businesses at a concessionary interest rate of 5.5 percent while a nonrecovering financial grant of Rs.50, 000 will also be given along with the loan to meet the preliminary expenses of the business. Meanwhile, a sum of Rs. 250,000 will be extended for developing the existing businesses at the same concessional interest rates. Aforementioned credit seekers will also get the opportunity to receive an extra credit facility at the ordinary interest rates depending on the success of the business. Commemorating this landmark event, the Kaduruwela branch of the bank disbursed 30 loans to villagers who are involved in agriculture, livestock and various other services.
Naleen Edirisinghe, Deputy General Manager Branch Credit, addressing the gathering said, “We are excited at the prospect of countless opportunities being created by the government towards Sri Lanka’s youth and needless to say, Pan Asia Bank will provide its utmost support in seeing this initiative succeed.” He further added, “We have seen a high level of enthusiasm with regard to this credit scheme across the country and are happy to mention that we are already in the process of accommodating most of those requests.”