Siyapath Pubuduwa: Boon to self-employment

Lankaputhra Development Bank which was established to support and encourage Small and Medium Enterprises with much needed financial assistance in the form of loans has earned a special place among the banking fraternity. This is especially due to the bank’s strong support in encouraging entrepreneurs to move from small and medium sector entrepreneurships to the national level. To cater to this objective and also to get closer to the heart of customers in fulfilling their needs the bank has launched many attractive loan schemes.

Lankaputhra Development Bank Chairman Lasantha Goonawardena expressing his views on the operations of the bank has stated that in keeping with the development goals and strategies of the government the bank launched ‘Siyapath Pubuduwa’ to introduce 14,022 entrepreneurs to the nation. Under this program at least one entrepreneur will be introduced from each Grama Niladari Division. 

Siyapath Pubuduwa offers loans to start businesses, modernise existing businesses and to purchase raw materials. Goonawardena also stated that to obtain loans between Rs. 100,000-500,000, a minimum of two personal guarantors would be sufficient. However, if the loan amount is more than Rs. 500,000 a security bond is needed.  

The Government’s recent move in launching a program to increase the contribution of youth for national development simply reinforces the bank’s vision and Lankaputhra Development Bank, fulfilling its national duty has developed special loans to encourage the youth in starting self-employment projects. The Chairman also stressed that the new generation of young adults who are starting self-employment projects or are already engaged in self-employment can obtain loans on concessionary interest rates under Siyapath Pubuduwa. 

He also pointed out that there in a marked interest by this generation to start self-employment projects in the areas of repairing electronic items such as computers and mobile phones and beauty culture. Goonawardena said that when rural youth come to work in the cities they cannot save anything from their salary due to a heavy percentage being spent on travel, accommodation and food expenses. As a solution to this problem Lankaputhra Development Bank is planning to encourage youth to start self-employment projects within their own districts. In addition, Siyapath Pubuduwa will give more opportunities to women to get a better contribution from them. 

At present there are many opportunities in the Hospitality and Fisheries sectors. A person engaged in any sector can get a maximum of Rs. 20 million. By this initiative the bank hopes to increase the export income and thereby strengthen the national economy.

Leasing facilities offered by the bank is very attractive and very prominent in the industry while offering the lowest leasing instalments. Together these facilities offer an excellent opportunity and affordability for the enterprising youth of Sri Lanka to successfully engage and develop their entrepreneurship skills in many industries throughout Sri Lanka.