Housing Development Finance Corporation Bank of Sri Lanka (HDFC) signed a MOU with the Central Bank enabling HDFC bank to contribute to the Government’s objective of generating one million jobs through establishing over 25,000 new businesses, with the utilization of resources in the villages.
The Central Bank of Sri Lanka (CBSL) and the Ministry of National Policies and Economic Affairs (MNP&EA) have jointly designed Swashakthi Loan Scheme for Micro, Small and Medium scale Enterprise (MSME) sector Development and Employment Generation, on behalf of the Government of Sri Lanka (GOSL).
The main objective of the scheme is to generate employment opportunities, providing financial support for new entrants and existing entrepreneurs who are already engaged in income generating activities in the Agriculture and Livestock, Industrial and Services sectors.
Under this scheme, a special focus will be given to youth, young graduates, women, and differently abled persons.
The new loan scheme covers Agriculture, Livestock, Aquaculture, Organic Farming, Post-Harvest Technology, Industrial, Information Technology, Automotive, Construction, Electronic and Telecommunications, Farm Machinery, Handicrafts, Leather products, Jewellery designing and manufacturing, Welding, Light Engineering and Fabrications sectors and other innovative technology areas.
The Bank expects to fulfill the financial needs of youth, youth graduates, women and differently abled people, at grass root level in order to meet the main objectives of the “Swashakthi” loan scheme.
The bank will assess the viability and strength of the project plans when granting loans and, under this loan scheme existing businesses will be given a maximum of Rs.250,000 at a nominal interest rate of 5.5 percent per annum.
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