Credit facilities for young entrepreneurs

Rural youth to benefit:

Uditha KUMARASINGHE

COLOMBO: The Youth Affairs Ministry’s Small Enterprise Development Unit has implemented an islandwide programme to provide credit facilities to young entrepreneurs to commence small scale business ventures.

The Ministry through State banks has already given Rs. 60 million worth credit facilities to 500 small scale entrepreneurs during this year, Youth Affairs Minister Pavithra Wanniarachchi told the Daily News.

Under the Gama Neguma project, the Ministry has implemented this programme to provide credit facilities to youth in rural areas to upgrade their entrepreneurial skills.

Wanniarachchi at a ceremony at Polonnaruwa White House under the patronage of Agricultural Development and Agrarian Services Minister Maithripala Sirisena provided Rs. 13.5 million worth credit facilities to 250 young entrepreneurs selected from Anuradhapura and Polonnaruwa districts. These credit facilities were granted by the People’s Bank and Bank of Ceylon.

The Small Enterprise Development Unit (SEDU) provides knowledge relating to production, market and other management sectors by assisting youth to commence business ventures or further develop their business ventures.

The SEDU educates small scale businessmen to commence business ventures in agriculture, industries and technical sectors. The banks under the guidance of the SEDU provide credit facilities to commence such business ventures, the Minister said.

The Ministry has commenced a programme to identify the best young entrepreneurs at district and national level and offer awards to encourage them, she said.

According to the Minister in the world’s business sector, the most significant growth has been achieved by small scale business ventures.

Out of the total contribution added to the country’s Gross Domestic Production from the business sector, 70 per cent is obtained through the small scale business sector.

Moves should be made to provide entrepreneurial training to youth who leave school without following higher education to commence their own small scale business ventures. The SEDU plays a leading role regarding this, the Minister said.