Thurunu Diriya empowers rural youth

The ‘Thurunu Diriya’ loan scheme of the Bank of Ceylon (BOC) has opened up new opportunities for young entrepreneurs to develop their businesses by providing loans without collateral. 

The Thurunu Diriya loan scheme provides loans without a guarantor and collateral, or with lenient guarantor conditions, for entrepreneurs below the age of 40 years who possess a degree or a recognised vocational certificate and who have been in the business for a minimum of three years. Further details on this loan scheme can be obtained from the BOC branches or the Divisional Secretariats island-wide.

A snap shot of inspirational stories collected from Thurunu Diriya loan recipients around the country were released by the Policy Development Office. 

K. A. Dilani Dilrukshi is a 30-year-old young entrepreneur who is operating a paddy mill which she started at her home in 2010. She was able to strengthen the family income together with her husband through the income earned from the paddy mill. She said: “I was in need of financial assistance and wanted to expand my business and I got to know that the interest rate for Thurunu Diriya loan scheme is comparatively low, so I applied for the loan.” 

Dilani was informed about the loan scheme by a friend and thereafter, she visited the Divisional Secretariat Office for more information. She completed her primary and secondary education at Sivali Central College, Ratnapura and she received technical training in food technology from Vidatha Institute, Ratnapura. With the knowledge she has gained from her studies as well as in need of financial assistance to develop her business, she applied for the loan. It was not difficult for her to get through the loan application form procedure since she has all the requirements.

Finally, she received a Rs. 300,000 loan. She had utilised the loan successfully to repair the paddy mill. In the near future, she expects to purchase new machineries which will help to expand the business. 

S. Sugath is a 27-year-old young entrepreneur who is running an electrical shop under the name ‘Multiway Electricals’ at his home in Makadura, Matara. The income he receives from his business is the sole income of his family. After finishing his studies at Makadura Central College, Makadura, he started this business about seven years ago. 

He got to know about the loan scheme through an advertisement for Thurunu Diriya. He completed all the requirements to receive the loan, except the educational qualification required to apply for this loan. But, due to the experience he possesses in his field, and as he has registered his business, BOC decided to grant him the loan. Therefore, he was able to receive a loan worth Rs. 500,000 a few weeks ago. He has already purchased some of the equipment which were essential for his electrical shop and has ordered two generators using this loan to expand his business. 

“This loan is very useful for small-scale entrepreneurs like us, and it has been a great strength to expand my business,” he expressed his thoughts on the Thurunu Diriya loan. 

“My future plan is to expand and develop my business by fulfilling further needs of my business. I also hope to open a separate shop in the near future,” he added.

K. P. Hasitha Pathum Munasinghe, a 27-year-olds married young entrepreneur received a loan worth Rs. 500,000 recently. He is an old boy of St. Thomas’ College, Matara, and is running a business named ‘Erangi IT Solutions’ in Devundara. He started his business about five years ago. “I initially visited homes for computer hardware repairs and service maintenance. I promoted my work through advertisements and posters,” he said. A year ago, he started his business in Devundara with minimum facilities.

After registering his business in 2014, he contacted the Small Enterprise Development Division and got to know about this loan scheme. Due to the low interest rate, he applied for the loan with the aim of improving his business. Munasinghe has a NVQ Level 4 certificate and completed his ICT Diploma from Technical College, Galle, in 2013, where he currently works as a visiting instructor, too. 

He used the loan to repair his business premises. He wishes to recruit another employee in December and has already interviewed potential candidates. Further, Erangi IT solutions provides software and web developing services for hotels and guest houses around Mirissa.

“This is a great opportunity for the financial needs of young entrepreneurs. I am planning to import a machine from China to repair motherboards in laptops,” he said, explaining his future plans.