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Following request by Maubima Lanka chief:
Loans to build brands
Ramani KANGARAARACHCHI
Lanka Puthra Development Bank has introduced a unique loan scheme for
members of the Maubima Lanka Foundation who have products under their
own brand names, Chairman, Lankaputhra Development Bank, A. Sarath de
Silva told a media briefing at the Bank’s Head Office on Wednesday.
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From left: Acting GM, Lankaputhra Bank Ranjith Disanayake,
Chairman, Lankaputhra Bank, Sarath de Silva, Chief Operating
Officer, Ravi Dassanayake and Chairman, Maubima Lanka, A.
Wickramanayake. |
He said that this initiative was taken following a request by the
Chairman, Maubima Lanka Foundation, Ariyaseela Wickramanayake.
Under this scheme loans will be provided to build the brands locally
and internationally.
De Silva said there will be two types of loans provided for the
brands recognized with the Sooriya Singha logo. Companies with an annual
turnover of Rs. 100 million and with over 100 employees can get a
maximum loan of Rs. 10 mn while companies with a turnover of over Rs. 60
mn and over 50 employees can get a maximum of Rs. 5 mn.
Both types of companies should submit their applications through the
Maubima Foundation and it will be the responsibility of the Maubima
Lanka Foundation to recommend members to the Bank and assist the bank to
recover the loans. The Chairman said that this loan scheme will be a
model to develop local industries and he hoped that other banks will
also follow.
The rates applicable for project lending will be 12 percent out of
the Western Province and 17 percent within the Western Province. However
the Kalutara district will be excluded from the Western Province to
balance the disparity in the cost of production. The repayment will be
completed within seven years.
Wickramanayake said that there are 100 local companies registered
with the Foundation and of them seventy companies have about 100 brands
whose products are in the market under the theme of Ganna Ape De. He
said that Sri Lanka could be self-sufficient in many items that are
imported and these imports could be stopped if people adopt the attitude
‘Yes We Can’. It is with that intention and to promote local
entrepreneurs that he called upon the Lankaputhra Bank Chairman to
introduce a loan scheme.
Director, Maubima Lanka Foundation Samantha Kumarasinghe was also
present. |
