Bank of Ceylon’s new loan scheme to entrepreneurs

Bank of Ceylon (BOC), in response to the Government initiative to generate a million jobs, recently disbursed ‘Swashakthi’ loans through its branch network.

The official ceremony of launching ‘Swashakthi’ through BOC branches was held recently.

The Central Bank together with the Ministry of National Policies and Economic Affairs has structured this loan scheme with the objective of enhancing entrepreneurship and employment opportunities in the country. Within the scheme an eligible person who wishes to start-up a business can obtain a loan amount of Rs. 200,000 and Rs.50,000 as a grant totalling Rs.250,000 and if a person is already engaged in a small scale business, he can obtain a loan amount up to a maximum of Rs.250,000, according to a BOC media release.

Customers who are entitled for this loan facility can enjoy 5.5 per cent concessionary interest rate and a flexible repayment period up to a maximum of 5 years depending on the type and nature of the business. This project is aimed at improving the contribution of the country’s unemployed graduates, youth and women and also differently-abled persons towards economic growth. Special reference is given to applicants who are between the ages of 18 to 45 years when being considered for this facility. The bank also readily provides advisory services for these entrepreneurs to manage their financial matters. Equipped with the best-inclass customer service and some of the best banking technologies, the Bank of Ceylon hopes to promote these government aided development initiatives further for a comprehensive socio-economic growth. The release added.