People’s Bank launches Swashakthi loan in tandem with 1mn jobs programme

People’s Bank has proactively joined the Swashakthi loan scheme initiated by the National Policies and Economic Affairs Ministry and Central Bank of Sri Lanka, disbursing loans via its extensive branch network of more than 730 branches islandwide. 
The inaugural programme for awarding Swashakthi loans was recently held at People’s Bank Nuwara Eliya branch under the patronage of People’s Bank Chairman Hemasiri Fernando.
The Swashakthi loan scheme offers loans and financial aids to new and existing entrepreneurs engaged in businesses related to agriculture, animal husbandry, industrial and service sectors at grass root level. The programme was implemented by People’s Bank with the objective of joining the government’s initiative for generating one million jobs by establishing micro, small and medium-scale enterprises islandwide. 
The bank also expects to boost the rural economy via inclusion of new technologies in addition to utilization of rural resources by fostering skills of rural youth. 
The Swashakthi loan scheme will also see to the empowerment of micro entrepreneurs, new entrants with innovative business ideas, graduates, women as well as differently abled youths from the rural communities.  Accordingly, the bank will disburse a business loan of up to Rs.250,000 at a 5.5 percent concessionary interest rate to small and medium-scale entrepreneurs.  In addition, the new entrants will benefit from a grant of up to Rs.50,000. The beneficiaries will also receive a period of five years to repay the loan, which includes a maximum grace period of 12 months.