Bank of Ceylon provides support to tea factory owners to build working capital
View(s):Bank of Ceylon (BOC) has launched a special loan scheme for tea factory owners to build working capital under guidelines received from the Finance Ministry and the Central Bank of Sri Lanka (CB). The opportunity is open to tea estate owners who have registered with Sri Lanka Tea Board, the BOC said in a media release.
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.
This special loan scheme will be disbursed to the eligible tea estate owners under an annual interest rate of 8 per cent, where a special interest subsidiary of 2 per cent will be borne by the CB on behalf of the tea factory owner, enabling him/her to enjoy a very low interest rate of 6 per cent for the first two years. The ceremony to launch this special loan scheme was held recently at the BOC Head Office under the patronage of BOC Chairman Ronald C. Perera. BOC Director Ranel Wijesinha and General Manager D. M. Gunasekara were also present. Ashoka Handagama-CB Director General of Regional Development Department, Tea Board Chairman Y.G Wijerathne among others were also present.
The first loan was granted to Aruna De Silva, chairman and Managing Director of Hill Garden Tea Factory.