Thurusaviya loan scheme for rubber estate owners

Rubber is one of the three main export crops in our country. At present, Sri Lanka produces 150,000 metric tons of rubber per month.

The income received from the export of rubber in 2010 was Rs.83,224 Millions (US$ 736 Million).

Observations since 2004 had revealed that the income we receive from producing rubber, has continuously been increasing.

It is from the rubber produced by small rubber estate owners that we earn 65% of the foreign exchange earned from rubber products.

Thurusaviya Fund a legal institution established under Act No. 23 of 2000 by the Parliament of the Democratic Socialist Republic of Sri Lanka, with a view to uplifting the small rubber estate owners scattered at rural level. It has been implemented through the combination of organizations set up by mobilizing the small rubber estate owners scattered at rural level.

The first ever loan scheme introduced to the small rubber estate owners by the Thurusaviya Fund and the Bank of Ceylon Bankers to the Nation had been named "Thurusaviya Loan Scheme".

It is with great pleasure that the Bank of Ceylon introduces this loan scheme for small rubber estate owners. The credit for this new scheme must go to Minister for Plantation Industries and Human Rights Mahinda Samarasinghe and Chairman, Bank of Ceylon Dr. Gamini Wickramasinghe.

Mention should also be made for the assistance extended by the Corporate Management of the Bank of Ceylon and the assistance received from the management of "Thurusaviya," including the Chairman of "Thurusaviya."

S.P. Hidellaarachchi and Ms. H.A.S. Kumari Wimalasooriya, prepared the loan scheme according to instructions within a short period of time. Some special features of this loan scheme are the financial facilities that would only be considered for small rubber estate owners, who have the recommendations of the "Thurusaviya Fund" for the purpose of new rubber planting, replanting, smoke houses, inter crop plantations, other income earnings of the small rubber estate owners, where a minimum amount of loan - Rs.25,000/-, a maximum amount of loan - Rs.300,000/-, with a maximum period for repayment, according to necessity and including a grace period of 6 months or 36 months, with an annual rate of interest of 16% loans will be considered under normal securities.

This scheme would be implemented within the 10 districts, namely Kalutara, Kegalle, Ratnapura, Moneragala, Galle, Matara, Hambantota, Colombo, Gampola and Ampara.

This loan scheme would be coordinated by the Chairman of "Thurusaviya Fund", the staff members of the head office and the Development Banking Division of the Bank of Ceylon.