People’s Bank re-launches SPARK to help SMEs

People’s Bank has re-launched its SPARK Entrepreneurial Development Programme aimed at bolstering young entrepreneurs and supporting the growth of small and medium enterprises (SMEs) throughout Sri Lanka. Initially launched in 2022, SPARK has been redesigned with updated eligibility criteria to make entrepreneurial success more accessible than ever before, the bank said in a media release.

The revamped SPARK programme now welcomes applications from budding entrepreneurs aged 20-45, regardless of their educational background. This inclusive approach is designed to foster a wider range of business ideas and innovations, aligning with the government’s policy to strengthen the SME-driven economy.

Selected participants in the SPARK programme will receive comprehensive guidance to develop robust business plans and essential business frameworks. Following this preparatory phase, entrepreneurs will be eligible for concessionary rate business loans to help turn their business visions into reality. Loans up to Rs.500,000 will be available at an annual interest rate of just 7 per cent, while loans up to Rs.1 million will be offered at 10 per cent. Higher loan amounts will also benefit from special concessionary interest rates.

“We believe in the power of entrepreneurial spirit and are committed to its cultivation across Sri Lanka,” said Sujeewa Rajapakse, Chairman of People’s Bank. “The SPARK programme is more than just financial assistance; it’s a launchpad for innovation and a testament to our dedication to the economic empowerment of our community which is what the government through its policy framework has been driving towards.”

Clive Fonseka, CEO/GM of People’s Bank commenting on the bank’s latest product offering, said: “We have observed that Sri Lanka is not short of entrepreneurial spirit. However, there is a pressing need to support them by providing necessary technical skills especially when it comes to enabling them to access the required financing. We have curated the SPARK scheme specifically to address this gap and we trust young entrepreneurs will make maximum use of this support to pursue their business dreams.”

Applications for the SPARK program can be submitted online via the People’s Bank website at www.peoplesbank.lk. This initiative not only provides financial support but also equips entrepreneurs with the tools they need for sustainable business growth.