Siyapath Pubuduwa empowers small scale entrepreneurs

Lankaputhra Development Bank (LDB) launched "Siyapath Pubuduwa" - a special scheme designed with the objective of providing a start-up capital of up to one million rupees to 500 budding medium and small scale entrepreneurs who want to showcase their talents in the industrial, agriculture and service sectors, thereby creating more employment opportunities for the business minded people in rural areas.

Lankaputhra, provides financial assistance to innovative entrepreneurs with full government security assurance. Being a Bank fully owned by the government through the Ministry of Finance and Planning, guarantees the highest level of security to the people who invest.

As the only development bank owned by the government, LDB lends at very low interest rate to keep in line with government objectives. As such, through Siyapath Pubuduwa, the small and medium scale business entrepreneurs, who are between the ages of 18-35, now have the opportunity to obtain loan facilities minus the traditional collaterals, within any range of Rs. 500,000 to 1,000,000 from the bank to invest in projects that contribute towards national development.

This can be in the form of starting a new business venture or to develop an existing business for which credit facilities for maximum six years will be provided at concessionary interest rates as low as 12%.

The bank also provides entrepreneurs with the required managerial advice and guidance with regards to their business projects. And as such the expected amount to be disbursed among the target beneficiaries under this scheme is a magnitude of approximately Rs. 500 million.

Chairman of Lankaputhra Development Bank Sarath de Silva said, "We cater to the development of agricultural and industrial sectors of the rural economy.

Our efforts are truly tied up with the grass roots level needs of the rural sector. A vital factor in our effort is to help construction, agriculture and industrial sectors of the rural folk by channelling finances, providing advice and rendering guidance. Our mission will fulfil the long awaited national development through the development of the rural economy, which is the back bone of the country's economy."