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Lending to support youth business aspirations
View(s):“Thurunu Diriya” a small loans scheme of the Bank of Ceylon is opening up opportunity for young entrepreneurs to develop their businesses and contribute to the national economy and to their personal advancement.
T. L. A. Sewwandi
One young female entrepreneur who obtained a “Thurunu Diriya” loan started a small business.
T L A Sewwandi, 31, operates a salon, “Sayumi Bridal” in Wanduramba, Galle. She started at her home about 7 ½ years ago, and since 2016, has shifted to a space in Wanduramba.
Due to economic and financial difficulties, she operated with minimum facilities and infrastructure.
“I got to know about the “Thurunu Diriya” loan scheme at the time I needed it most. It has a low interest rate,” says Ms Sewwandi, who is married with a child.
She is supporting her husband to economically strengthen her family from the income she receives from the salon.
Bank of Ceylon, Wanduramba branch staff, where she has contacts, and one of Sewwandi’s neighbours, who works at the Small Enterprises Development Division, had informed her about the “Thurunu Diriya” loan scheme.
She applied, backed up qualifications such as the NVQ Level 03 certificate, and she also mentioned that her NVQ Level 04 certificate is pending. Since she was eligible, she received the loan of Rs. 500,000 a few weeks ago.
She used the funds to expand the salon premises and buy new equipment such as a “shampoo bed”, “facial bed”, “hair cutting chairs” and a showcase.
“As I could expand my salon with the “Thurunu Diriya” loan, I am hoping to hire two assistants,” she said, explaining her future plans.
The Bank of Ceylon, in collaboration with the Policy Development Office of the Prime Minister’s Office and the Central Programme Management Unit of the Ministry of National Policies and Economic Affairs, implemented the “Thurunu Diriya” loan scheme.
It provides loans without a guarantor and collateral or with less restrictive guarantor conditions for entrepreneurs below 35 years of age, who possess a degree or a recognized vocational certificate and who have been in business for not less than three years.
Details of this loan scheme can be obtained from the Bank of Ceylon branches or the Divisional Secretariats.