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| Sunday, 12 June 2005 |
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Business |  |
| News Business Features Editorial
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SME Bank to begin operations by end June by Surekha Galagoda Jathika Viyavasayaka Bankuwa or the SME bank initiated as a budget proposal to give a fillip to the SME sector will be launched for operations before the end of the month. Under the pilot program we hope to give 1,000 loans and we will select 50-100 recipients from each district, said the acting chairman Dr Bandula Perera. The main areas the bank is promoting include agro based industries, prawn culture, paddy mills, gems and jewellery based on the policies and the budget proposals of the UPFA government aimed at developing the rural economy of the country. He said that the SME bank is there for any enterprise which needs help financially or otherwise. The main aim of the bank is promoting entrepreneurship within the country and therefore we will not only provide loans but working capital and service packages as well. For example carrying out gap analysis on behalf of customers, he said. There are no minimum and maximum amounts that a person can get as a loan. It all depends on the feasibility of the project proposal. In the event a micro level project needs to get a loan they will have to apply through a village organisation. The bank's head office will be at the EDB building at Navam Mawatha, Colombo 2 while the bank will be linked to every location in the country through the existing network of the National Savings Bank, the Industrial Development Board and the two state banks initially. The bank would function with less overheads so that we can give more loans to the people. The government will provide Rs 5 billion as capital and we have already received Rs 2 billion. There would be seven members on the director board. The CEO is Palihakkara who was a Past president of CIMA and ICASL while the chief financial officer is L. Katuwawala. He was the financial director of Ansell earlier. |
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