Pan Asia Bank launches ‘SME Re-Energizer’ loan at 7% to uplift SMEs with easy access to finance

Thursday, 8 August 2024 00:06 - - {{hitsCtrl.values.hits}}

Pan Asia Bank has introduced its new ‘SME Re-Energizer’ loan, in partnership with the Sri Lankan Government, designed to provide essential financial assistance to SMEs and MSMEs across Sri Lanka.

The program reinforces Pan Asia Bank’s commitment to supporting local small and medium-sized enterprises and contributing to the overall economic growth of Sri Lanka by aiding the country’s developing businesses.

The ‘SME Re-Energizer’ offers investment loans up to Rs. 15 million per SME client with a valid business registration, available at a highly competitive interest rate of 7% per annum. This scheme targets key sectors, including manufacturing, construction, exports, tourism, apparel, fisheries, animal husbandry, agriculture, and agro-based industries. With flexible repayments, the scheme aims to provide long-term financial solutions tailored to the specific needs of each business entity.

The scope of the SME Re-Energizer loan includes purchase of assets such as machinery, equipment, or furniture for business expansion. The scheme also covers cost reduction initiatives such as solar installations and productivity improvements, vehicle purchases for the tourism sector, business expansion through the introduction of new or advanced technologies, and new constructions, expansions, or refurbishments of factories, buildings, or warehouses and tourism sector related locations.

The SME Re-Energizer loans align with Pan Asia Bank’s mission to empower and uplift the SME sector, recognising its vital contribution to the nation’s economic fabric. By facilitating access to necessary funds with tailored and easy financing, Pan Asia Bank is committed to helping SMEs overcome financial challenges, innovate, and expand, thereby playing a crucial role in the broader economic development of Sri Lanka.

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