Bank of Ceylon Launches Second Phase of ‘BOC Youth’ Loan Scheme to Create another 10,000 Young Entrepreneurs

The Bank of Ceylon (BOC) has launched the second phase of the ‘BOC Youth’ Loan Scheme, an initiative aimed at empowering young Sri Lankan entrepreneurs and supporting their business aspirations. The launch event was held at the BOC Head Office, attended by Chairman Kavinda de Zoysa, General Manager/CEO Russell Fonseka, members of the corporate and executive management teams, staff members, young entreprenures and officials from the Export Development Board (EDB), Industrial Development Board (IDB), Small Enterprise Development Department (SED), National Enterprise Development Authority (NEDA), National Apprentice and Industrial Training Authority (NAITA), and Industrial Technology Institute (ITI).

The first phase of the ‘BOC Youth’ Loan Scheme facilitated loans for 11,256 young entrepreneurs, offering financial support of up to LKR 500,000 at a 7% interest rate. The initiative was designed to help individuals establish new businesses or expand existing ventures within a year. BOC has extended its financial support across all regions of Sri Lanka, with 91% of the benefits reaching entrepreneurs outside the Western Province.

Under the first phase, financial assistance was distributed across multiple sectors, with 19.50% allocated to manufacturing, 18.96% to agriculture, ornamental plant nurseries, and fisheries, and additional funding directed toward healthcare, social services, construction, information technology, education, tourism, arts, retail, entertainment,  science and technology, and transportation sectors. This extensive sectoral representation highlights the program’s broad economic impact and inclusivity.

BOC ensures that loans are granted through rigorous evaluation, prioritising applicants with strong business plans and ensuring close collaboration with government agencies to monitor and support the development of funded enterprises. This approach has been instrumental in the program’s success and sustainability.

Unlike traditional lending methods, the ‘BOC Youth’ Loan Scheme requires only a viable business plan and simple personal guarantees for application, making it more accessible to aspiring entrepreneurs. The bank is committed to supporting individuals under 30 years of age, ensuring they receive not only financial backing but also ongoing guidance throughout the different stages of business growth.

The second phase of the program introduces a funding allocation of LKR 5 billion, with plans to provide 10,000 additional loans, each capped at LKR 500,000. The Bank of Ceylon is actively encouraging young Sri Lankan entrepreneurs to seize this opportunity and be part of the initiative.

In addition to financial assistance, BOC supports small and medium-sized enterprises (SMEs) through the ‘BOC SME Circle’ and ‘Export Circle’, providing mentorship, business networking, and market access support. The bank is also working in partnership with organizations such as EDB, IDB, SED, NEDA, NAITA, and ITI to equip young entrepreneurs with industry knowledge, skills, and connections necessary for global market success.

Recognising the evolving needs of young business owners, BOC has introduced digital banking solutions such as the SME Online Loan Application Facility, SmartPay, Smart Online Banking, Mobile Banking (B App), E-Commerce-enabled Debit Cards, and BOC Connect to enhance financial accessibility and efficiency.

For over 85 years, Bank of Ceylon has been a cornerstone of Sri Lanka’s financial landscape, connecting individuals and businesses to global opportunities. BOC’s extensive network with over 2,300 touch points spread across the nation, ensures that bank’s customers have convenient access to a wide range of financial services. Moreover BOC was ranked as the only Sri Lankan Bank among the Top 1000 World Banks 2024 and the Banker of the Year 2021,2023 and 2024 by The Banker Magazine UK, The Number 1 Banking Brand in Sri Lanka by Brand Finance Lanka. BOC also received the People’s Banking Services Brand of the year at the SLIM KANTAR Peoples Awards 2024.Internationally, Bank of Ceylon has established a strong presence in key locations such as a Subsidiary in London, UK; branches in Male and Hulhumalé in the Maldives; Chennai, India; and the Seychelles.