Monday, December 4, 2023

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HNB revives 100 MSMEs with Rs.10 mn grant for grassroots growth

Colombo (LNW): Sri Lanka’s leading private sector bank, HNB PLC, is directing efforts to revive the grassroots economy by allocating Rs. 10 million as a grant fund for 100 microfinance entrepreneurs under its ‘Oba Venuwen Api’ initiative.

Established by the HNB Sustainability Foundation, the grant aims to provide financial assistance of up to Rs. 100,000 to selected microfinance customers, enabling them to strengthen and rebuild their businesses, ultimately working towards achieving SME status.

The initiative, focused on providing support during challenging times, has disbursed Rs. 30 million to 300 microfinance customers across the island since its inception in 2020, with 70 per cent of the grant fund going to entrepreneurs in agriculture, manufacturing, and other industries.

HNB envisions long-term growth and resilience for customers through this initiative, fostering sustainable entrepreneurship and community empowerment.

“In a year marked by extraordinary challenges, this initiative is essential for businesses seeking capital to re-establish their operations. With our decades-long commitment to microfinance and the SME sector, we recognise the importance of scaling up our support, providing financial assistance and enhancing financial literacy to uplift grassroots entrepreneurs. We expect our customers will make optimal use of this grant, whether for working capital, recapitalising their business, or getting back on their feet,” HNB MD/CEO Jonathan Alles said.

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