SDB bank partners NEDA for SME development

SDB bank ( SANASA Development Bank PLC), a pioneering financial institution founded on supporting the grassroots levels of Sri Lanka, recently signed a memorandum of understanding ( MOU) with the National Enterprise Development Authority ( NEDA) to further extend its support to the micro, small and medium entrepreneurs in Sri Lanka.

The MOU primarily aims to encourage and guide prospective entrepreneurs in the rural communities while further uplifting existing business players in the micro, small and medium enterprises ( MSME), according to a SDB bank media release.

NEDA, an institution established under the Ministry of Industry and Commerce, currently serves the MSME sector with 235 development officers attached to the divisional secretariats, to elevate Sri Lankan enterprises to be an integral part of the economy.

Identifying the role micro, small and medium enterprises play in developing the economy of a country and the importance of empowering citizens to be self- employed, NEDA has been actively involved in creating awareness among the rural communities about the boundless oppor t u n i t i e s u nve i l e d through entrepreneurial initiatives. NEDA works with entrepreneurs to assist them in executing their business ideas and supports the progress of the business through continuous guidance and monitoring, the release said.

While commenting on the MOU signed with SDB bank, Omar Kamil – Chairman of NEDA said, “This new partnership will certainly add value to the work being carried out by NEDA currently as we now stand as a consolidated business development service provider to the prospective entrepreneurs in the country. We selected SDB as our partner in this instance as we identified them as an entity that spoke the same language as us. Being a financial institution extremely receptive to the needs of the grass roots of our country, their goals aptly complement our vision”.

NEDA plans to offer a range of services through this MOU. “In addition to the financial support that will be provided inclusive of concessionary loan schemes with simplified terms and conditions, we will also collaboratively help the prospective entrepreneurs in rural communities with compiling business plans, business registrations and monitoring the progress of the business with constant guidance and training,” Mr. Kamil said.

NEDA is also working collaboratively with SDB bank on an incubator technology transfer centre in the Wayamba University which will facilitate the research process required to test an innovative business idea. The necessary research equipment has been carefully chosen based on the industries in demand in the surrounding areas to optimise effectiveness of this project.