BOC, nurturing SMEs for nation's prosperity
To Wijayantha Rangajeewa, the Bank of Ceylon (BOC) is more than just a bank , it is a part of his family. Having assisted him with the setting up and subsequent exponential growth of his ornamental fish export business, the owner of the aquarium counts the BOC among his biggest fans and staunchest supporters, a BOC feature released to the media said. Having grown his business from a small scale enterprise to reach an impressive export figure of 600-800 crates of ornamental fish a month to destinations around the world including the US, Europe Australia and the Middle East, and providing employment to nearly 5000 families, Wijayantha attributes his success to the dedication and commitment of the Bank of Ceylon's SME services.
The release said that Nimal Jayasuriya is equally emphatic that his entrepreneurial success is due in large part to the BOC's assistance and encouragement. In 1989, Jayasuriya approached the BOC's SME services sector to help realise his dream of financial freedom. Armed with a substantial loan and the invaluable advice and continuing assistance of the BOC, his fledgling instant food enterprise grew by leaps and bounds. Today his company exports 14 varieties of canned and vacuum packed food items across the globe and Jayasuriya stands the proud multiple times winner of the coveted Entrepreneur of the Year and NCE Awards.
As one of the pioneers in the introduction of SME financial assistance services to its portfolio over three decades ago, BOC has been the driving force behind countless such success stories.
"The SME sector has long played a pivotal role in Sri Lanka's economy. With over 80 per cent of the registered businesses in the country belonging to this sector and collectively contributing over 50 per cent to the country's GDP as well as accounting for 35 per cent of Sri Lanka's employment, the SME sector has been identified as a Millennium Development Goal and a significant driver of the country's economic development and progress," the release said.
The BOC provides SME loans in all economic sectors, including agriculture, fishing, garments, animal husbandry, plantations, dairy, factory upgrades, tourism related industries, infrastructure development and education. SMEs which are not traditionally considered mainstream industries, such as beauty culture, bakeries, furniture manufacture, handicrafts, etc. also receive spe- cial consideration in the form of special interest rates and other concessions in a bid to encourage economic development in a wide variety of spheres.
Other sectors which the BOC together with the Government of Sri Lanka champions is female empowerment and youth entrepreneurship. Recognising the invaluable but often over- looked contribution that women make to the economy, BOC has taken steps to increase access to concessionary finance and provide necessary entrepreneurial skills training, etc., enabling women to achieve independence, self-sufficiency and independence. Youth entrepreneurs are also encouraged to reach for their goals through BOCs assistance.