‘Awakening of the East’ brings SMEs closer to banks

Friday, 17 October 2014 00:00 - - {{hitsCtrl.values.hits}}

‘Awakening of the East’, a business conference and photo exhibition targeting Small and Medium -Sized Enterprises (SMEs) in Batticaloa was officially opened last week . The main objective behind the initiative is to support SMEs in Batticaloa district by bridging the gap between SMEs and financial institutions so that SMEs receive better financial support needed for expansion of their businesses.

Batticaloa Assistant Government Agent S. Giridharan along with GIZ Country Director, Sri Lanka/Maldives Randa Kourieh-Ranarivelo declare open the ‘Awakening of the East’ photo exhibition Access to finance is one of the major challenges faced by SMEs who want to expand their business. Studies show that SMEs have difficulty in borrowing from formal channels of credit due to their limited knowledge in presenting bankable proposals and financial management. At the same time the limited number of financial products offered by banks targeting SMEs has contributed to this issue. Awakening of the East, a joint initiative between Nations Trust Bank and Deutsche Gesellschaft für Internationale Zuasammenarbeit (GIZ) GmbH aims to provide SMEs with an overview of the required knowledge and skills in basic financial management and introduce them to potential upgrade paths for their businesses.

German photographer Ralf Baecker discussing the photographs with Batticaloa Assistant Government Agent S. Giridharan, Chairman of the Eravur Urban Council Seyed Ali Zahir Moulana, Senior Advisor GiZ SME Development German Mueller and Nations Trust Bank, Batticaloa Branch Manager Angela Philip Along with knowledge transfer a new approach, photography, was used as a creative medium to portray some of the best practices of SMEs in Batticaloa and to convey images of proud SME entrepreneurs who contribute to development of the region. GIZ Country Director, Sri Lanka/Maldives, Randa Kourieh-Ranarivelo said that SMEs in Batticaloa area have true potential to grow and contribute to the regional economy. Awareness on basic accounting practices will bring entrepreneurs a step closer to increasing their access to finance. The joint initiative also creates an opportunity for banks to better understand the financial capacities and needs of the SMEs and provide customised financial products to meet the specific requirements of SMEs. The Sri Lankan-German SME Development program, implemented by GIZ on behalf of the German Government and in cooperation with Ministry of Finance and Planning, Sri Lanka, is to provide stimulus for inclusive SME growth by advisory, enhancing capacities and informing on international best practices. Commenting on the initiative Naveen Anthonipillai, Nations Trust Bank Zonal Senior Manager said that NTB understands that SMEs are the driving force of the economy and the bank will continuously strive to add value to the financial propositions that are launched to cater to this business clientele. Nations Trust Bank offers SME customers a range of product and services including Working Capital Finance, Long Term Financing for Business Expansion and Investments, Cash Management services, Trade Services for Importers/Exporters, Guarantee Facilities, Leasing and Factoring solutions as well as specialised services such as Bank at Your Doorstep and trade document delivery services for business customers. The photo exhibition shows 36 portraits of entrepreneurs, their employees and SME bankers in Batticaloa. These artistic portraits were taken by German photographer Ralf Baecker.