People’s Bank drive in support of entrepreneurs | Sunday Observer

People’s Bank drive in support of entrepreneurs

23 April, 2017

The People’s Bank has proactively joined the Swashakthi loan scheme launched by the Ministry of National Policies and Economic Affairs and the Central Bank, disbursing loans via its extensive network of over 730 branches island-wide.

The inaugural program to grant the loans was held at People’s Bank Nuwara Eliya branch under the patronage of People’s Bank Chairman Hemasiri Fernando recently.

The Swashakthi loan scheme offers loans and financial aids to new and existing entrepreneurs engaged in businesses related to agriculture, animal husbandry, industrial and service sectors at grassroots level. The program was implemented by the People’s Bank with the objective of joining the government’s initiative to generate one million jobs by establishing micro, small and medium-scale enterprises island-wide. The bank also expects to boost the rural economy via the inclusion of new technologies in addition to utilization of rural resources by fostering the skills of rural youth. The loan scheme will also empower micro entrepreneurs, new entrants with innovative business ideas, graduates, women as well as differently-abled youth among the rural communities.

The bank will disburse business loans up to Rs. 250,000 at a concessionary interest rate of 5.5% to small and medium scale entrepreneurs.

The new entrants will also benefit from a grant of up to Rs. 50,000. The beneficiaries will also receive a period of five years to repay the loan, which includes a maximum grace period of 12 months. 

Comments