LOLC Finance extends support to Southern region during pandemic

Having recognised the difficulties faced by businesses across the nation, LOLC Finance PLC enhanced and accelerated its commitment to extend its support to uplift and re-energise such impacted enterprises, in numerous ways. 

Several qualitative as well as quantitative measures were introduced by LOLC Finance to support and uplift many distressed businesses in the Southern region. Several tailored solutions were introduced to the customers, offering unmatched relief and flexibility in repayments. 

In the Southern region, LOLC Finance rescheduled a substantial amount of loans during the COVID and post COVID period, offering relief to a large number of entrepreneurs and individuals. A majority of those loans were of Small & Medium (SME) 
scale businesses.

These loans were mainly rescheduled as a result of significant income and cash flow reduction.  In addition, moratoriums were offered to customers in order to overcome financial challenges 
during the COVID-19 pandemic. 

These moratoriums were issued time to time on 6 occasions. Moreover, the iPay Digital Platform of LOLC Finance was expanded aggressively throughout the region since it is a convenient, easy-to-use and well sophisticated digital payment platform.

Despite the lockdowns and curfews, LOLC Finance was able to support its customers with new loan disbursements especially to SME and Micro businesses. MSME and Micro clients with granular credit requirements were fulfilled with tailor-made plastic creditamidst the challenge of prolonged lockdowns.
Meanwhile, LOLC Finance which has the country’s largest fixed deposit and savings deposit base, amongst the registered finance companies, operated its fixed deposit facilities smoothly through the company’s digital 
platform, iPay.

Furthermore, LOLC Finance stepped out to distribute relief packs for people who were severely impacted by the pandemic. These efforts were carried out bypartnering with two of Sri Lanka’s premier media channels - Hiru Sahana Yaatra and Manusath Derana. 

Stating about the company’s relief initiative, Nalaka Mohotti, Deputy General Manager of the Southern Region of LOLC Finance said, “At LOLC Finance, we developed an overall action plan to face this crisis - because we knew that we had to weather this storm together. We made full use of that plan because we knew that we had to support individuals, businesses and communities in the Southern Region to get over this crisis. I must thank the 580 plus staff in all 26 branches in this region for their unstinted support and dedication”. 

Conrad Dias, Director/CEO of LOLC Finance PLC said, “I am thankful to the staff of LOLC Finance for the commitment and sacrifices they made during this challenging time. Together, we ensured that not only our business ran smoothly but also that the lives and businesses of our valued customers were given topmost attention and priority. 

Our staff worked tirelessly to assist our customers who were both impacted and non-impacted to transit to digital banking. We all know that COVID-19 is here to stay and our lives are changed forever, as a result. Therefore, we as a company that works closely with the communities of this country will continue to stand and work together, whatever may come”.