In a major initiative to strengthen the capabilities of Sri Lankan SMEs, the National Development Bank (NDB), in collaboration with the National Enterprise Development Authority (NEDA), recently conducted a series of workshops as part of NEDA’s “B500 Project” national endeavour. 

This programme is an ambitious effort aimed at nurturing 500 Sri Lankan brands and providing essential training and resources to elevate local enterprises.

The workshops, held in Colombo and Kaluthara districts, focused on enhancing financial literacy, understanding current market trends, and leveraging digitalization for business growth. 

They aimed to equip SMEs with the knowledge and tools needed to thrive in a competitive market. The topics covered included “Financial Literacy and Current Market Trends,” “Digitalization for Business,” and “How to Win the Market,” offering a comprehensive overview of the critical skills and strategies required for success.

On July 10th, the first programme took place at the Colombo District Secretariat Office, attracting around 70 clients. This session provided a deep dive into financial literacy, emphasising the importance of sound financial management and understanding market dynamics. The discussions also highlighted the increasing role of digitalization in business, showcasing how technology can streamline operations and open new avenues for growth.

The second workshop, held on July 22nd, 2024, at the Kaluthara District Secretariat Office, saw participation from approximately 65 clients. This session continued the focus on digitalization and market strategies, providing practical insights and real-world examples of successful digital transformations. The workshop also covered advanced strategies for market penetration and brand building, critical for SMEs looking to expand their reach and impact. The workshops were led by a team of experts from NDB, including Nilendra Ahangama, Chief Manager of Business Banking; Sameera Senarath, Assistant Vice President of Sales; and Janaka Meepagala, Manager of SME Business Banking. Their combined expertise provided participants with valuable guidance on navigating financial challenges, embracing digital tools, and crafting effective market strategies.

To further support these participants, the bank has appointed dedicated advisors from its Business Banking Unit, who will offer personalised advice and guidance throughout their business journey, aiding these businesses to grow and succeed in their respective markets. 

Looking ahead, NDB and NEDA are set to continue this collaborative effort, with a third programme scheduled for August 12th, 2024, at the Gampaha District Secretariat Office. This upcoming session promises to further empower SMEs with actionable insights and practical knowledge, reinforcing NDB’s commitment to supporting local businesses.

NDB’s collaboration with the NEDA underscores the bank’s dedication to the SME sector, recognising the vital role SMEs play in the Sri Lankan economy. Through partnerships such as this, NDB aims to provide SMEs with the necessary resources and training to not only survive but thrive in an increasingly competitive market, aligning with NDB’s broader mission of fostering economic growth and supporting the development of local enterprises.