Thursday, 01 April 2021 07:54

  BOC strives to revive big companies struggling to survive Featured

At least 40 big companies affected by COVID-19 crisis will be getting capital infusion for revival

from the Bank of Ceylon’s (BOC) novel initiative aimed at re-envigourating entrepreneurs.

This leading bank of the nation has already established a Business Revival division at its head quarters in Colombo as a novel approach to assist struggling enterprise customers rather than the traditional focus of recoveries.

BOC Chairman Kanchana Ratwatte noted that this division has been able to settle some of the financial difficulties following discussions with them on loan facilities and moratoriums.

Similar business revival divisions will be set up in 628 BOC branches country wide and it will take some time to expand the net work, he disclosed.

It has already lent Rs. 26 billion to over 10 companies, he said adding that the Bank has so far been able to disburse loan facilities to entrepreneurs with special attention to agriculture, tourism, exports, tea, apparel, IT, logistics and spices cultivation.

Customers have been given an opportunity to discuss their concerns with BOC officials in the division with regard to loan facilities and provide taylor-made financial solutions for their problems.

In regard to revive the economy after the COVID-19 pandemic, Bank of Ceylon has extended a gamut of benefits for the development of micro and SME sector in the country to rebuild their businesses m he revealed.

Bank of Ceylon disbursed Rs40 billion out of Rs150 billion Saubagya concessionary loan scheme for struggling businesses during the height of Covid-19, this was by far the largest contribution by any single bank.

Besides this, It has launched a concessionary credit scheme for SMEs namely Divi Udana and disbursed more than Rs10 billion within a space of less than five months since it was introduced.

While banking sector credit growth contracted in 2020, Bank of Ceylon’s lending book expanded by 25 percent b demonstrating its commitment to uplifting the economy.

 

 

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