FCCISL organizes 'SME Access to Finance'

The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), representing the Confederation of Asia Pacific Chamber of Commerce and Industry (CACCI) will organise a program titled 'SME Access to Finance' together with the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), and the International Chamber of Commerce (ICC) at the Taj Samudra Colombo, on March 26.

A critical element for SME survival and growth is access to finance.

SMEs have difficulty in borrowing from formal channels of credit in view of their inability to present bank acceptable proposals due to limited knowledge and skills in financial management and operational governance.

Financial providers consider SME financing as a high risk activity that generates high transaction costs and/or low returns on investment.

SMEs need to meet the challenge of adapting to the changing financial environment and the increasing complexity and extent of financial reporting.

Improvement of access to finance of SMEs is crucial in fostering entrepreneurship, competition, innovation and growth.

The objective of the program is to provide SMEs with an overview of the required knowledge and skills in financial management and introduce new technology that would help them organise and systematise their business processes to enhance financial and operational efficiency, and consequently, bank acceptability.

The one - day program will be conducted by - Ms. Cora Conde - Senior Vice President/Head of the SME Department, Development Bank of the Philippines; Ms. Arlene Orencia, Senior Assistant Vice President/Head,Account Management Unit,Corporate Banking,Development Bank of the Philippines; Edwin Domingo, Head of Marketing and Market Intelligence, EASTERN Communications and Ms. Cecille Ibarra, Head of Training/Advocacy Unit of the Association Development Financing Institutions in Asia and the Pacific (ADFIAP). Resource persons from Sri Lanka will present local perspectives and facilitate discussions. Subject areas to be covered are:

* Business Planning (Roadmap for the business to convince banks that planned activities for which they are borrowing will yield adequate returns to repay the loan, Business model, Marketing plan, Technical plan, Organisational plan, Financial plan)

* Financial Management for SMEs (Tools and techniques to help SMEs prepare, maintain and analyse financial statements required by banks, Accounting for non-accountants, Basic record keeping, Preparation of basic financial statements)

* Web-based operational management (Operational technology to enhance financial and operational efficiency of SMEs success - SME Customer relationship management tool, 'Green' data centre services and demonstration)

* How to approach banks (How to comply with bank loan requirements and provide key advice in developing a mutually beneficial relationship with banks - Assessment of financial requirements, Process of applying for a Loan, Loan negotiation techniques). The program will be conducted in Sinhala and English.