22 August 2024 02:34 pm Views - 30
Commercial Bank has been a pioneer in recognizing the importance of Small and Medium Enterprises (SMEs) in shaping the country’s economy. Having provided financial solutions for this special segment for over 4 decades, the bank has developed a well-trained team that is geared to cater to the varying needs of SMEs.Furthermore, Commercial Bank has partnered with many international organizations to establish dedicated credit lines for SMEs.
Commercial Bank’s relationship with SMEs goes beyond lending, where the bank work closely with SMEs to further understand their businesses, provide guidance and capacity building, work out sustainable business solutions and advise them on critical matters such as technical, management , succession planning etc. This continuous support and nurturing have resulted in many SME’s graduating to the corporate tier. The bank offers a separate SME Loans scheme focusing women entrepreneurs, where loans are offered at concessionary rates.
‘ComBank Biz Club” formed by the Bank, is a platform that focuses on bringing SME customers together to create new business opportunities and to provide them support beyond financing. Four tiers of membership; Premier, Platinum, Gold and Silver were created to enable the Bank to identify and support the specific requirements of different membership categories. Aiming to empower the SMEs with business know-how, Commercial Bank conducts capacity building programmes of its own and conducts Financial Literacy Programmes in collaboration with the Central Bank as well. Since 2012, Over 11,000 entrepreneurs have benefitted from these programmes.
Coordinators of Commercial Bank's Agriculture and Microfinance Units (AMFUs) are tasked with visiting locations to analyze and understand potential businesses, ensuring that lending is feasible and sustainable. The Bank's 19 AMFUs cover the areas where assistance is most needed.
Another unique focus area is supply chain financing, where the suppliers of the bank’s corporate clients, who are generally SMEs, could be financed based on their cashflows.
The bank’s extensive reach through the island-wide branch network has further strengthened the services rendered to the SMEs. Commercial Bank also offers state-of-the-art Digital Banking services, including a variety of offerings that especially cater to the SME segment. These include Internet Payment Gateway services, QR Code based payment solutions, Point Of Sale solutions, especially designed internet-based payment solutions for SMEs such as “ComBank Simple Pay” and salary payment packages such as the “Paymaster” app.
Commercial Bank LEAP GlobalLinker digital business ecosystem provides access to international markets through its extensive presence in over 150 countries. By registering, users can connect and engage with business communities across different countries. This opens up opportunities for global networking, exploring new markets, and establishing valuable business relationships. It allows entrepreneurs to expand their reach beyond local boundaries, tap into a diverse range of opportunities, in the global market.
Moreover, registered members can benefit from a wide range of services, including legal, financial, marketing, logistics, and distribution support. Furthermore, they will have access to online tools for monitoring sales and marketing activities. Additionally, registration with Commercial Bank LEAP GlobalLinker grants access to financial services with exclusive benefits provided by Commercial Bank.
Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank operates a strategically- located network of branches and 966 automated machines island-wide, and has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.