Bank of Ceylon extends support for tea factory owners to build working capital

Friday, 14 August 2015 05:34 - - {{hitsCtrl.values.hits}}

Bank of Ceylon has launched a special loan scheme for tea factory owners to build working capital with the direction received from the Finance Ministry and the Central Bank of Sri Lanka. The opportunity is open for the tea estate owners who have registered with Sri Lanka Tea Board.

Tea estate owners who meet the requirements denoted by the Tea Board will be eligible for the amount recommended by the Sri Lanka Tea Board. The facility can be scheduled for a 60 month repayment period allowing them to use more effectively.

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The first loan was granted to Aruna De Silva, Chairman and Managing Director of Hill Garden Tea Factory of BOC Thalgaswala branch by Bank of Ceylon Chairman President’s Counsel Ronald C. Perera. From left: BOC General Manager D.M. Gunasekara, BOC Director Ranel Wijesinha, BOC Chairman Perera, Hillgarden Chairman/MD De Silva, Sri Lanka Tea Board Chairman Y.G. Wijeratne and CBSL Director - Regional Development Asoka Handagama

This special loan scheme will be disbursed to the eligible tea estate owners under an annual interest rate of 8%, where a special interest subsidiary of 2% will be borne by the Central Bank on behalf of the tea factory owner, enabling him/her to enjoy a very low interest rate of 6% for the first two years.

The ceremony to launch this special loan scheme was held on Thursday 13 August at Bank of Ceylon Head Office under the patronage of BOC’s Chairman, President’s Counsel Ronald C. Perera. BOC Director Ranel Wijesinha and Bank’s General Manager D.M. Gunasekara were also present. Ashoka Handagama, Director General of Regional Development Department of Central Bank, Sri Lanka, Tea Board Chairman Y.G. Wijerathne, the Director General Tea Board and the Tea Commissioner also participated in the ceremony.