News
Young Jaffna entrepreneur’s dreams come true with Thurunu Diriya boost
View(s):A young Jaffna entrepreneur who patiently built up a business despite early setbacks says a shot in the arm from a Rs. 500,000 Bank of Ceylon Thurunu Diriya loan will allow him to expand and also bring employment to others in the area.
Shanmugam Saruthan
The story of 27-year-old Shanmugam Saruthan, who comes from a family of six, demonstrates the values of initiative and determination in the face of difficulties.
Educated at Kodikamam Thirunavukkarasu Maha Vidyalayam in Jaffna, Mr. Shanmugam began studying to be a Technical Officer in Civil Engineering at Jaffna Technical College but personal problems cut short his studies after just one year.
Undeterred, he travelled south to obtain a Certificate in JCB Operating and Driving from an institute in Mawathagama, Kurunegala and used his knowledge to set up a construction company, SS Construction, in Kodikamam, Jaffna.
Like every businessman, Mr. Shanmugam dreamed of expanding his business. A few months ago, he went to a meeting organised by the Chavakachcheri Divisional Secretariat for young entrepreneurs in his area to learn about the new BOC Thurunu Diriya loan scheme.
Mr. Shanmugam learned to his delight that he met all the BOC’s requirements.
He applied for a Thurunu Diriya loan and speedily received a Rs. 500,000 boost to his business.
“This is the quickest loan I have ever obtained,” he said. “The District Secretariat Office was also very co-operative.” He thanked the Bank of Ceylon and the Chavakachcheri Divisional Secretariat for their support.
He has used the loan to buy raw materials and a machine for his construction company and plans to employ more labourers.
The Thurunu Diriya loan scheme is designed for young entrepreneurs below 40 years of age who possess a degree or a recognised vocational certificate and have been in business for at least three years. Loans up to Rs. 200,000 are provided without a guarantor while sums above Rs. 200,000 come with lenient guarantor conditions.
The scheme is the fruit of discussions between the Bank of Ceylon and the Policy Development Office of the Prime Minister’s Office, the Central Programme Management Unit of the Ministry of National Policies and Economic Affairs and the Small Enterprises Development Division of the Ministry of Youth Affairs, Project Management and Southern Development.
So far, 47 young entrepreneurs around the country have received Thurunu Diriya loans worth about Rs. 21 million.
Application details can be obtained from Bank of Ceylon branches and any Divisional Secretariat.