Seylan Bank to disburse ADB’s working capital and long-term loans for SMEs

Seylan Bank PLC, in collaboration with the Asian Development Bank (ADB) and government of Sri Lanka, 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 the ADB funding in Sri Lanka. Through the ADB’s credit lines, the bnk 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 percent 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 percent to 11 percent.

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.

Seylan Bank DGM Branch Credit Ranil Dissanayake expressed enthusiasm for the positive impact the initiative would have on the MSME/SME sector. “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.”