Seylan Bank’s solar loans and working capital loans for SMEs
View(s):Seylan Bank is offering Small & Medium Enterprises (SMEs) solar and working capital loans, providing critical funding options for businesses in urgent need of financial support..
These solar loans provide SMEs with an affordable and flexible financing option that facilitates the adoption of renewable energy as business investments, the bank said in a media release.
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 up to Rs.100 million from the solar loan scheme, with flexible financing options. Borrowers can choose a fixed interest rate of 11.5 per cent per annum for the first five years followed by variable rate of one-month AWPLR+1.0 per cent for the remaining two years with a floor rate of 11.5 per cent.
Agriculture, Manufacturing, Technology, Education, Healthcare and Export sectors including trading businesses are eligible for the Seylan SME working capital loans.
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.
Ranil Dissanayake, the bank’s Deputy General Manager, (Branch Credit) said: “We have invested in equalising 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.”
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