19 August 2024, Colombo: Seylan Bank continues its commitment to support the growth of Small & Medium Enterprises (SMEs) by expanding its range of affordable and flexible financing solutions. The Bank now offers SMEs solar and working capital loans, providing critical funding options for businesses in urgent need of financial support.
Seylan Bank’s solar loans provide SMEs with an affordable and flexible financing option that facilitates the adoption of renewable energy as business investments. With Seylan’s Eco Solar Loan, SMEs can power their businesses with renewable energy, in a move that promotes sustainability and minimises the impact of their carbon footprint. While contributing to the nation’s sustainable energy goals, the initiative also aims to elevate the financial viability and competitiveness of SMEs.
Ideal for commercial entities exploring options to reduce energy costs and their carbon footprint, Seylan’s Eco Solar Loans also allow both the industrial and agricultural sectors to boost operational efficiency. These sectors can obtain loans amount up to LKR100 million from the solar loan scheme, with flexible financing options. Borrowers can choose a fixed interest rate of 11.5% per annum for the first five years followed by variable rate of one-month AWPLR+1.0% for the remaining two years with a floor rate of 11.5% p.a. The repayment period extends up to seven years, providing substantial financial advantages.
Agriculture, Manufacturing, Technology, Education, Healthcare and Export sectors including trading businesses are eligible for the Seylan SME working capital loans. Flexible interest options of fixed rate of 11% per annum for three years alternatively, a floating rate option starts at 9.5% per annum for the first year, balance 2 years at 01-month AWPLR + 1.0% p.a are available for the clients for a maximum loan amount of LKR100 million.
There is a specific emphasis on improving conditions for the SME category through the provision of flexible financing options that allow them to meet urgent funding requirements. However, the initiative to implement Seylan Eco solar loans and the Working Capital Loans aims to support especially mid-market businesses to operationalise current processes and elevate efficiency and productivity.
Mr. Ranil Dissanayake, Deputy General Manager, (Branch Credit) stated, “As the Bank with a Heart, we have invested in equalizing opportunities to empower people and businesses with simplified solutions that may yield profit and growth. With Seylan Eco solar and Working Capital Loan schemes, we reaffirm our commitment to this aspiration in a manner that not only unlocks potential for SMEs, but also transforms the financial landscape to give enterprising business ventures a chance to flourish.”
Seylan Bank’s decision to expand their portfolio of services with the addition of the Seylan Eco Solar Loan Scheme and Working Capital Loan is a testament to the bank’s dedication to offering an accessible range of financial products.