HNB accelerates digital growth with tailored solutions for ICT entrepreneurs

HNB Chief Operating Officer Sanjay Wijemanne addressing the audience, was joined by HNB Head of Trade Rozanne De Almeida, and Deputy General Manager – SME and Microfinance Rajive Dissanayake, as they shared their insights during the event

HNB PLC has announced an exclusive set of benefits for aspiring and established entrepreneurs in the ICT sector. 

Whether you are starting a new venture or expanding your existing business, HNB’s specialised services provide the support you need to succeed. With an unwavering commitment to nurturing Sri Lanka’s ICT landscape, HNB has designed financial solutions that cater to both capital expenditure and working capital needs for businesses in the ICT sector. These solutions include facilities without collateral requirements, ensuring greater accessibility for entrepreneurs. To date, HNB has extended over Rs. 350 million in support to ICT businesses, reinforcing its dedication to empowering innovation and driving the nation’s digital economy forward.

HNB is offering a range of attractive benefits for business owners in the ICT sector. These include no joining fee for business cards for directors, along with discounts and other offers. Additionally, business owners will enjoy two free airport lounge access passes per year for each business card, special exchange rates for export proceeds, and the ability to open business foreign currency accounts at any HNB branch. Furthermore, HNB offers free onboarding to its Transaction Banking (HNB TxB) platform, waiving the standard onboarding charge of Rs. 5,000, providing ICT entrepreneurs with streamlined digital trade services. HNB also provides access to refinance facilities, if available.

The U.S. Agency for International Development (USAID) played a key role in the design and launch of the new financial product for MSMEs in the ICT sector. Its USAID CATALYZE PSD Activity identified issues faced by tech companies in securing financing through expert and partner feedback. Following this, PSD collaborated with ICTA and partner banks to develop an ICT-specific credit scoring framework, facilitated training support, and provided a pipeline of interested MSMEs to be supported by partner banks such as HNB.

“The ICT sector represents a pivotal force in Sri Lanka’s economic advancement, and HNB has strategically positioned itself to facilitate this transformation,” said HNB Chief Operating Officer Sanjay Wijemanne. “Our approach transcends conventional banking parameters, offering a sophisticated suite of financial solutions designed specifically for technology enterprises. Through this comprehensive framework, we are enabling Sri Lankan ICT companies to strengthen their market position and establish a commanding presence in the global digital economy.”

For businesses looking to invest in infrastructure and assets, HNB offers capital expenditure loans with a loan quantum of up to Rs. 10 million, a repayment period of up to 36 months, and an interest rate of 8% p.a. These loans provide the necessary financial support to help ICT businesses grow and scale.

“The Federation of Information Technology (Guarantee) Ltd. represents the premier industry association for the ICT sector, with member companies spanning across all areas of this vital industry,” said FITIS Chairman Indika De Zoysa. “We collaborate closely with the Government to achieve the ambitious goal of expanding Sri Lanka’s national digital economy to $ 15 billion by 2030. HNB’s new initiative provides much-needed financial assistance on highly favourable terms, addressing key challenges faced by our member companies. This initiative will not only help the ICT sector grow but also generate significant foreign revenue. I am confident that HNB’s support will serve as a catalyst in achieving our shared vision of a $ 15 billion digital economy.”

While praising HNB’s efforts, ICTA Associate Chief Digital Economy Officer Sachindra Samararatne emphasised the importance of tailoring the bank’s offerings to meet the specific needs of software product companies and software services companies, 

For businesses requiring loans exceeding Rs. 10 million, HNB offers financing at concessionary rates compared to the published rates, providing essential capital for businesses seeking to scale their operations further. Repayment terms are tailored to meet the specific requirements of each customer, ensuring flexibility and convenience. Additionally, HNB offers a specialised export credit facility designed to support export business partners. This facility is based on the strength of export agreements, the reliability of buyers, and the capacity of businesses to deliver and fulfil orders. With loans provided at competitive rates, this initiative offers a valuable advantage for businesses looking to expand their footprint in international markets.