LOLC introduces Speed Draft

Reinforcing its status as an innovator in the financial services industry, Lanka ORIX Leasing Company Ltd. (LOLC) has introduced 'Speed Draft'. The new product is mainly focused at providing speedy financial solutions to the Sri Lankan business community.

The main feature of Speed Draft is that it fulfills the short term financing requirements of customers by providing them with the required amount as and when they need it.

Group Managing Director and CEO LOLC Kapila Jayawardena hands over the initial Speed Draft transaction to Proprietor, G. R. Fernandopulle Enterprises, Gerard Fernandopulle. Head of SME/Development Finance and CRM Gayani de Silva, and Chief Officer, Marketing Operations, Solomon Jesudason were also present.

Customers often require financing in different values at different intervals to fulfill a diverse range of business requirements. This new product will increase the liquidity of the business and facilitate a greater level of business activity.

"It is important for customers to be able to obtain a facility which will allow them the flexibility of usage and repayment as and when they want it, to support the growth of their business" LOLC Group Managing Director and CEO Kapila Jayawardena said.

The new product is structured to be less costly and more feasible for one's business, as interest will be accrued purely based on usage. The service could be obtained from LOLC branches countrywide.

The product will target the corporate and SME sectors initially, and at a latter stage, the micro level segment. LOLC serves a large customer base from the corporate and microfinance sectors, whilst its largest client segment is from the SME sector which amounts to 80 percent.

"The SME segment is the backbone of our country's economy. While we make conscious efforts in providing them superior financial solutions, we also work closely with multilateral agencies in sourcing out funds at concessionary rates and getting them across to the SME sector, paving the way for economic growth." Jayawardena said.

"The country is in a phase where it is in the process of experiencing a quantum leap in economic growth, and the regional economies will play a key role towards this.

The regional economies are primarily propelled by the SME sector and LOLC is focused on supporting them towards greater development by way of a wide product offering as well as a strategically positioned countrywide branch network.

We are confident that Speed Draft will generate a significantly high demand as it will be of much use to SME clients," he said.