The Bank of Ceylon (BOC) has unveiled a groundbreaking initiative aimed at supporting young entrepreneurs in Sri Lanka. The new program, designed to counteract brain drain and foster local talent, includes collaborations with organizations such as IDB, SED, NAITA, and EDB, as well as other governmental entities.
Moving beyond traditional banking services, BOC’s ‘beyond banking’ strategy offers a comprehensive support system for young entrepreneurs in the SME sector. The initiative includes financial counseling, strategic partnerships, and optimized resource utilization, with a focus on helping entrepreneurs access international markets.
R.M.N. Jeewantha, DGM Development Banking and Branch Credit Operations – Range II, shared details about the initiative and BOC’s commitment to empowering young entrepreneurs through enhanced financial security and growth opportunities.
Bank of Ceylon (BOC) Strengthens Support for Entrepreneurs and Businesses
Colombo, August 2024 – The Bank of Ceylon (BOC) is enhancing its support for entrepreneurship and business recovery with a range of new initiatives. As Sri Lanka’s largest state bank, BOC is committed to not just financial success but also social responsibility, celebrating its 85th anniversary this year with a focus on fostering young entrepreneurs and aiding businesses impacted by the COVID-19 pandemic.
Comprehensive Support for Young Entrepreneurs
BOC has introduced several strategies to nurture young entrepreneurs through its BOC Youth program. This initiative aims to develop 10,000 young entrepreneurs, providing them with more than financial aid. The program offers education on various aspects of entrepreneurship, including production, marketing, and exploring export opportunities.
Strategic collaborations with institutions such as the SED, IDB, NAITA, and EDB further enhance the program by offering valuable resources and insights. The bank also hosts events like International SME Day, which provide networking opportunities and foster learning among young entrepreneurs.
The BOC Youth loan scheme is another key component, offering loans of up to 500,000 rupees with the possibility of additional loans at reduced rates for successful ventures. The bank has streamlined the application process to make it more accessible and user-friendly. For those targeting international markets, BOC provides guidance through the BOC Export Circle, helping businesses navigate global trade complexities.
Support for Businesses Affected by COVID-19
In response to the pandemic, BOC established the Business Revival Unit to offer targeted support to businesses struggling due to COVID-19. This unit provides financial aid, personalized counseling, and strategic advice tailored to each business’s needs. Over 300 businesses have benefited from this initiative, with many successfully recovering and resuming operations.
The unit’s support extends nationwide, with mechanisms implemented at provincial levels to assist a broad range of businesses. This decentralized approach has led to numerous success stories across the country, reflecting BOC’s commitment to long-term recovery and growth.
Beyond Financial Support: BOC’s Holistic Approach
BOC’s efforts go beyond financial support. The bank’s holistic approach includes the SME Circle, which provides ongoing support, advisory services, and resources to help SMEs thrive. The circle assists with production guidance, capacity building, and marketing strategies, as well as facilitating export market access.
BOC’s initiatives reflect its broader mission of economic and social advancement, aiming to uplift Sri Lanka’s standards and contribute positively to society. Through these comprehensive programs, BOC continues to support the growth and success of entrepreneurs and businesses across the nation.