NDB offers working capital loans for SMES via ADB’S SMELOC
National Development Bank PLC (NDB) has been selected for the Additional Emergency Credit Working capital loan scheme sponsored by ADB.
NDB Bank, always at the forefront of providing assistance to the SME businesses in Sri Lanka, has been selected along with 07 other banks to promote the same loan scheme to SMES’ that aims to contribute to the local economy, whilst elevating the living standards of the communities in which they operate.
The Asian Development Bank (ADB) selected NDB as one of its partner financial institutions to disburse funds allocated to the SME-LINE of Credit (SMELOC) Emergency Response Scheme.
The scheme aims to support and strengthen local MSMES’ affected by the ongoing economic crisis with working capital credit facilities, placing special emphasis on the manufacturing and service sectors,along with a key focus on agriculture, export, and tourism.
“Given an attractive rate of 11.77 percent with a 3-year repayable period, we are pleased to be part of this significant initiative from the ADB,” said Kapila Deshapriya, Senior Manager Refinancing Unit.
“Due to the adverse impact as a result of the Easter attacks and the pandemic, NDB is seeking to support its SMES with funding at concessionary interest rates and loan repayment tenures. We have immediately stepped up to the current situation by making funds available at concessionary rates, and we strongly believe that NDB will play a powerful role in helping to elevate these sectors, thus contributing to the upliftment of the economy.”
“Over the last 4 decades, NDB Bank has supported MSMES’ in the country by offering required technical support and concessionary loan schemes such as ‘Saubhagya’, SMELOC Tea Cultivation, Smile 3, Revolving Fund, and E-friendly loan schemes,” said Indika Ranaweera, Vice President SME, Middle Market and Business Banking.
The Working Capital loan scheme is available to SMES’ who have not availed themselves of the initial opportunity. All SMES’ are required to present their business registration and a valid EPL (Environmental Protection Licensing). In addition, a group turnover, which has not exceeded Rs. 750 million p.a., is necessary. They qualify to apply for the loan subject to funding availability.