Grameen Credit to disburse Rs 100 m

Loans for self-employed:

Over 60 percent individuals are self-employed in rural areas.

They contribute to the uplift of the rural economy without proper recognition from society.

This segment of society has not been facilitated with reasonable access to loans to commence or to develop their business.

Commercial banks did not approve loans for self-employed businesses without guarantee, Grameen Micro Credit Company Ltd., Chairman, Victor Ratnayake told Daily News Business. Grameen Micro Credit is planning to grant loans worth over Rs. 100 million by the end of this week throughout the country for this segment.

The company caters to self-employed individuals who are keen on commencing or like to develop their business as they cannot afford ordinary commercial loans.

This segment has contributed to upgrade the country’s rural economy but were denied recognition for their effort.

“Uplifting the rural economy is vital to develop the national economy,” Ratnayake said.

Grameen Micro Credit was recently rated by the Central Bank as a registered finance company. This has created much confidence on the company as well as on customers.

The company is keen on contributing to the country’s new era of development by helping self-employees from grass roots.

The Grameen Credit Company will get listed in the Colombo Stock Exchange (CSE) within the time frame given by the Central Bank, Ratnayake said.

The Chairman said the company offers guidance to improve their product or services.

It assists them in how to approach the market in such as agriculture, fisheries, livestock, foodstuff and clothing.

The company has recorded a 100 percent loan recovery rate consecutively during the past nine years.

It monitors the progress by visiting customers weekly.

“We have provided micro finance to 376,000 families while offering them loans for self-employment worth of Rs. 30 billion over these years,” Ratnayake said.

CdeS