To disburse ADB’s Working Capital and Long-Term Loans for SMEs

30 May 2024, Colombo: Seylan Bank PLC, in collaboration with the Asian Development Bank (ADB) and the Government of Sri Lanka (GoSL), will disburse Working Capital and Long-Term Loans from the ADB, aimed at bolstering the Small and Medium Enterprise (SME) sector in the country.

In an effort to stimulate economic growth and support local businesses, Seylan Bank will offer financial assistance to SMEs engaged in various industries, including Agriculture, Fisheries, Ornamental Fisheries, Aquaculture, Livestock, Animal Husbandry, Poultry, Tourism, and Export-Oriented Businesses. Seylan Bank has been a consistent partner in regard to ADB funding in Sri Lanka. Through ADB’s credit lines, the Bank has disbursed loans to the SME sector and Tea Smallholders in the past.

SMEs looking to enhance their working capital will benefit from the competitive repayment rate of 8% for a three-year period. Additionally, for other purposes such as building finishing work, purchase of fixed assets, or acquisition of commercial vehicles, loans with a six-year tenure are available at the same repayment rate of 8.5% to 11%.

One of the key initiatives introduced by Seylan Bank is the SME Hub, a pioneering concept tailored to meet the unique needs of SMEs. The Seylan SME Hub aims to streamline financial services, offering convenience and speed through the bank’s extensive island-wide branch network. The dedicated banking services provided through the SME Hub include special advisory support to guide SMEs through their financial journey.

Moreover, export-oriented SMEs will have access to Seylan Bank’s revolutionary ‘Export Expert’ service. This innovative offering is designed to empower SMEs by providing comprehensive support and knowledge-sharing, enabling them to excel in the global market. ‘Export Expert’ equips SMEs with the necessary tools and relevant financial literacy required to navigate and thrive in challenging times.

Speaking about this strategic collaboration, Ranil Dissanayake, DGM Branch Credit at Seylan Bank, expressed enthusiasm for the positive impact the initiative would have on the MSME/SME sector. “We are proud to partner with the Asian Development Bank and the Government of Sri Lanka to support the growth and development of small and medium-sized enterprises. Through our competitive loan offerings and dedicated services such as the SME Hub and Export Expert, Seylan Bank aims to be a catalyst for success for businesses across various industries.”