Empowering entrepreneurship with responsibility – launch of People’s Merchant Finance PLC’s Navodhaya partnership for rural transformation

A unique new opportunity for MSME entrepreneurs in Sri Lanka

People’s Merchant Finance PLC (PMF) aligned to their new turnaround strategy and to continue their vision of catering to the diverse financial needs of all Sri Lankans, launched the Navodhaya Entrepreneurship Loan Scheme on 15th October 2021 taking a responsible approach by holding hands with MSME entrepreneurs to empower them to scale up their enterprises.

PMF has since mid-2020 traversed a path of revitalizing their business. Accordingly, PMF is building a portfolio of loan products to suit the changing economic climate and cater to the needs of their chosen market space. Furthermore, as a responsible Sri Lanka corporate citizen, PMF is build financial products to support the Sri Lankan Government’s Economic Development Agenda.

PMF Chairman Chandula Abeywickrema stated; “economic revival at the rural and regional level can be triggered by driving a sustainable entrepreneurship strategy across all the economic frontiers and segments. This is beyond trying to evoke a self-employment mechanism, which has indeed certain room in the space. At PMF through Navodhaya we are working on a transformative agenda to graduate to more commercially viable, sustainable in the long journery and scalable to reach more people in more place on more often with their enterprise solutions. It is based on this belief that PMF’s primary shareholder, Sterling Capital Investments (Private) Limited (SCIL), came on-board to drive and support the long-term agenda being developed by PMF. It is this underlying vision, which drives the Company’s turnaround strategy and motivates employees and customers alike to remain faithful to; and place their trust in PMF.”

The Navodhaya Entrepreneurship Loan Scheme with several unique features is not a simple financial product and PMF has spent months researching and identifying the needs of emerging entrepreneurs. This will offer them a turnkey customised solution from offering a competitively priced loan product, educating entrepreneurs on handling financial and business matters, to guiding and supporting them on their business journey. A separate unit has been tasked with overlooking this product and is responsible to provide personalised services to individual entrepreneurs based on their distinct needs. This product is being targeted predominantly at the upper end of the microfinance sector and the lower end of the SME sector as the opportunity for growth and expansion for emerging Sri Lankan entrepreneurs.

“It is our belief that as new enterprises emerge from the SME sector, and we [PMF] help them to develop their idea(s) to a productive business, these entrepreneurs will become a key target clientele for us [PMF] in the future. They will support the growth of PMF and become an important and intrinsic part of the sustainable growth journey we [PMF] have embarked on”, said PMF CEO Nalin Wijekoon.

This Entrepreneurship Loan Scheme is designed to be commercially viable and sustainable, growing and changing aligned to the development of the client’s business needs. Considering the importance of technology in this digital age, PMF will provide tech support in partnership with emerging technology companies. Also included as part of the product is training and development to build individuals’ business and financial skills, knowledge on laws and regulations, and best practices to adopt to for business success.

The Navodhaya Entrepreneurship Loan Scheme product is the very first “one of its kind” product being introduced to the market by a non-banking financial institution in Sri Lanka. Therefore, supporting this development not only enables PMF to achieve its goals but also promotes the upliftment of rural communities as well as driving the economic development and GDP value of the country.

To ensure their product reaching the right target market with the right needs, PMF plans to work with the Ceylon Chamber of Commerce, other district-wise Chambers, the Microfinance Institution, and the Women’s Chamber, as well as Farmers and Traders Associations, among others.

 

Caption – Seen here the inaugural Navodhaya Entrepreneurship Loan being handed over to R.M.N.Dayarathna (left) by PMF Chairman Chandula Abeywickrema (right) and PMF CEO Nalin Wijekoon (centre).

The post Empowering entrepreneurship with responsibility – launch of People’s Merchant Finance PLC’s Navodhaya partnership for rural transformation appeared first on Adaderana Biz English | Sri Lanka Business News.