Sri Lanka has always been an entrepreneurial nation, with small business as the backbone of the economy and the labour force.
Small medium enterprise businesses still dominate
Small and medium-sized enterprises are the backbone of the Sri Lankan economy.
According to recent Sri Lankan research, SMEs provide 45 per cent of employment and 75 per cent of the total enterprises in the economy. Sri Lanka has more than 700,000 SMEs, each employing three to five persons minimum on average.
Taken together with other micro enterprises and SMEs that are not registered, an estimated 62 per cent of GDP comes from this sector. Further. Sri Lanka has a little over 3,000 SMEs (firms with a turnover of less than Rs.200 million) registered as exporters. They collectively contribute to Sri Lanka’s exports.
(National Policy Framework for Small Medium Enterprise Development)
Survival and expansion
Succeeding as a small and medium-sized enterprise business owner is tough and there’s no shortage of pitfalls on the way to success.
Around half of all new one-person businesses fail in their first three years, compared with around a quarter of medium-sized corporations. And that threat never goes away.
One of the many challenges SME’s face is Access to finance support from recognized institutions. As we know, cash is king so SME businesses may struggle as a result of these tougher financial requirements.
Seylan’s mission to support the export SME
Understanding these requirements, Seylan is on a mission to support the export small and medium-sized enterprises on their journey and increase Sri Lanka’s GDP.
The Small Business Export Loan will improve convenience, increase approval speed and provide greater support for the small businesses in Sri Lanka seeking finance to support export contracts.
As a result 6% to 8% low interest rates are introduced along with personalized financial support, quick loan approval process, and top of all a dedicated team of experts to support the export SME.
If you’re a small and medium-sized enterprise export focused business, call 011 2456 762/87 to grow your entrepreneurial dream to the next stage with Seylan Bank.