LOLC Finance's support to the Southern region
LOLC Finance PLC, having recognised the difficulties faced by businesses across the nation during the pandemic, enhanced and accelerated its commitment to extend its support to uplift and re-energise such impacted enterprises, in numerous ways. Some of the company’s major initiatives took place in the Southern region, where LOLC Finance is present in 26 locations.
The company said in a media release that the entrepreneurs of the Southern region are engaged in various industries ranging from leisure, tea, paddy, cinnamon, fruit farming, horticulture, handicrafts, food manufacturing to fisheries. These businesses not only play an important role in developing the Southern region, they also contribute vastly towards the economic growth of the entire nation through wealth creation and advancing the living standards of the people. “With the outbreak of COVID-19, many of these businesses that were once thriving lost its grip. As a responsible corporate citizen, LOLC Finance continuously stood closely with these businesses to help them navigate through the difficult period,” it said.
Several qualitative as well as quantitative measures were introduced by LOLC Finance to support and uplift many distressed businesses in the Southern region. Several tailored solutions were introduced to the customers, offering unmatched relief and flexibility in repayments. Despite the curfew and lockdowns, the company continued to support the requirements of the customers through its staff working from home. Furthermore, LOLC Finance continued to stay connected with its customers through webinars, post-COVID workshops and offering advice.
In the Southern region, LOLC Finance rescheduled a substantial amount of loans during COVID-19 and post COVID-19 period, offering relief to a large number of entrepreneurs and individuals. A majority of those loans were of small and medium scale businesses. These loans were mainly rescheduled as a result of significant income and cash flow reduction. In addition, moratoriums were offered to customers in order to overcome financial challenges during the COVID-19 pandemic.