SMEbank focuses on entrepreneurial skills

by Lalin Fernandopulle

Financial assistance alone cannot do everything, there needs to be non financial support services such as entrepreneurship and management development to improve quality and increase productivity in the small and medium enterprise (SME) sector, Manager Entrepreneur Development, SMEbank, Rahula Senanayake said.

The SMEbank was formed in 2005 to develop the entrepreneurial skills of those in the SME sector in the country. The small and medium entrepreneurs play a vital role in the development of any country.

In Sri Lanka the SME sector has a major share in the export revenue which no government could deny. What is required is to help the local entrepreneurs to develop their entrepreneurship, management, marketing and technical skills.

There should be an organisation to assist the SME sector. The farming, apparel, food and food processing, coir, medical and other vital sectors make a significant contribution to the national economy.

The agricultural and livestock sector is the livewire and backbone of the economy. Today with the advanced technology and competitive global market trends the small and medium enterprise sector needs assistance.

Senanayake said the SME sector did not have proper management and marketing strategies or plans to sell their products. There was neither an increase in quality nor product due to the poor management and marketing skills of rural entrepreneurs. Efficient management and marketing needs HR development and expertise in various fields to impart knowledge to the new entrepreneurs.

The SMEbank does not simply dole out funds for projects but is concerned about the development of entrepreneurial skills which would benefit the industry at large. The other factor that takes priority is the quality of product which needs to be improved.