HSBC, Sarvodaya Movement partner to empower female entrepreneurship

HSBC Corporate Sustainability Manager Dilini Fernando, HSBC Sri Lanka and Maldives CEO Mark Surgenor, Sarvodaya Fusion GM Maithree Malwattegoda, Sarvodaya Fusion Deputy GM Nipunika Ruhunage, Sarvodaya Movement President Dr. Vinya Ariyaratne, Sarvodaya Movement Executive Director Damith Kulanayake , Sarvodaya Director Business Development Inoshi Jayathilaka and Sarvodaya Fusion Chairman Advisory Board Rohan Pandithakorralage 

By Divya Thotawatte

HSBC Sri Lanka on Tuesday announced its partnership with Sarvodaya Shramadana Movement to empower and assist 150 women entrepreneurs from around the country to succeed in their small and medium-sized enterprises (SMEs).

The joint initiative is to take place over the span of two years commencing in July 2023 with an investment of Rs. 40 million to address unique challenges faced by female entrepreneurs of various backgrounds in Sri Lanka. 

Explaining the significance and intended impact of the project, HSBC Sri Lanka and Maldives CEO Mark Surgenor said: “By investing on the potential of these women-led businesses and equipping and empowering women entrepreneurs with the necessary tools and resources, we believe it will contribute to poverty reduction, job creation, and overall socio-economic development, and contribute to the country’s economic growth.”

He elaborated, “The reason we believe in this program is because we operate in many countries around the world and we see the critical importance of entrepreneurs for the success of those economies.” 

In Sri Lanka, the percentage of entrepreneurs in the workforce is less than 3% whereas the global average is 10%. With regard to the current status of the economy, providing a chance to accelerate businesses is not only beneficial to those individuals/business owners but also the future of the economy. 

Furthermore, only one in four of the entrepreneurs in Sri Lanka are female and through the program, they also intended to create a discussion on the issue while supporting them, he said.

The SMEs would be selected from diverse industries and sectors, across the Western, Eastern, North Western, Northern, and Southern provinces of the country. 

The collaborative project is to equip the businesswomen of diverse backgrounds with entrepreneurial knowledge, resources and skills including financial management, marketing strategies, product development and access to markets through a series of capacity-building workshops, mentorship programs, and customised training sessions.

The project would ensure sustainable growth and long-term success for the SMEs, Surgenor stated. 

He added that while the project’s focus is to improve skills and provide guidance for the success of the women-led enterprises, specific and selected businesses with accelerated improvement and growth would also be provided with funding towards the end of the project. Furthermore, HSBC and Sarvodaya would facilitate networking opportunities for the selected entrepreneurs to allow them to forge connections with industry experts, potential partners, and investors.

Sarvodaya Movement President Dr. Vinya Ariyaratne spoke on the objectives of the joint initiative. “By leveraging our collective expertise and resources, we can create an enabling environment that nurtures their (the female entrepreneurs’) growth and help them overcome existing barriers. Together we aim to empower these women, transform their businesses, and inspire a new wave of female-led entrepreneurship in Sri Lanka,” Ariyaratne said.

He further stressed on the need for an economic revival of the country as opposed to its economic survival, noting the potential of successful women-led enterprises to influence an upturn of the country’s economy.

Speaking on the challenges of working women and women entrepreneurs in Sri Lanka, Diversity Collective Lanka Chairperson Bani Chandrasena also highlighted the importance of supporting women entrepreneurs. “Most times, entrepreneurial ventures by women are started due to their financial requirements, to support their families or themselves, and when they achieve their financial goals, they tend to give up. So a mind-set shift is necessary to encourage them to keep going and achieve beyond the limits they set for themselves,” she explained.

The event also featured female entrepreneurs from Jaffna and Kurunegala districts who spoke on different topics related to their experiences of entrepreneurship. 

Pic by Sameera Wijesinghe