HNB collaborates with EDB to launch new SME export credit facility

7 September 2017 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

Jonathan Alles, Managing Director/CEO, HNB and. Indira Malwatte, Chairperson and Chief Executive, EDB along with the senior officials of the EDB, HNB and SME exporters of diversified industries at the launch of the HNB SME Expo Credit Scheme 

 

 

Sri Lanka’s most innovative bank, HNB PLC working in close collaboration with the Export Development Board of Sri Lanka (EDB) announced the launch of HNB SME Export Credit, a pioneering new facility specially designed to meet the requirements and aspirations of Sri Lanka’s burgeoning Small and Medium Enterprise (SME) sector.


Aimed at fostering unprecedented new opportunities for export-oriented growth in the SME sector, HNB’s new facility is the first of its kind to be specially developed for the sector, and is part of a broader effort from HNB to support macroeconomic growth in Sri Lanka.


“Moving forward we are confident that HNB will be able to serve a catalyzing role that will drive a drastic improvement to the nation’s export performance, the results of which will feed directly into the local and provincial economy of Sri Lanka. Such developments are vital for grassroot development in Sri Lanka and HNB looks forward to working closely with the EDB and SMEs across the island to achieve this goal,” HNB Managing Director/CEO, Jonathan Alles stated.


In particular, the credit facility will focus on bringing on-board new-to-bank export clients for pre and post shipment financing with limited tangible security, with special emphasis on Tea, Rubber, Spices, Cinnamon,    Coconut,    Textiles     and     Garments,     Fisheries     and     related     industries. During the course of proceedings, the bank also extended its first credit facilities under the HNB SME Expo Credit brand to 10 local SME exporters from these sectors. “In addition to our position as Sri Lanka’s premier retail bank, HNB has long been associated with growth and development in the SME sector. The launch of HNB SME Export Credit is therefore a natural extension of this relationship, working in collaboration with EDB.


“Through our own extensive network of clients, HNB has already identified several SMEs which have the potential to take their products into international markets and effectively compete in them. However, there are many more that need to improve in terms of scale and quality before they are ready to enter the international markets. This is a process that has to take place organically, but one which we are confident will gather momentum as more SMEs begin to succeed overseas,” HNB Deputy General Manager – SME, Jude Fernando stated.


According to Fernando, the most difficult obstacle for SMEs seeking to compete in international markets is the long lead time between delivery on an export contract and the time taken to receive payments. Currently the only branded facility specifically designed for SME exports is the new facility launched by HNB which will offer individual clients up to Rs. 40 million in export credit with concessionary rates and easy payment terms, in order to enable them to trade on credit with international buyers.


Commenting further on the significance of the new facility, HNB Assistant General Manager -Trade Services, Janath Ilangantileke said: “There is tremendous potential to develop and transform the small and medium scale export industries in Sri Lanka, through this initiative of HNB. Sri Lanka’s SME sector holds the key to an entirely new paradigm in export-led growth for the country; provided they are ready and willing to adapt, and add value in order to meet the higher quality requirements of the export markets.”


“The EDB commends HNB for its efforts to harness the SME sector’s potential and provide invaluable links to international markets and buyers. It has been our experience that many of our local SMEs have the skills, the talent, and the innovative products necessary to make in-roads into international markets. The only thing that many of them were lacking was the financial capacity necessary to compete in this sector.


“In that regard, the EDB is deeply committed towards ensuring that this collaboration with HNB leads to growth opportunities for our nation’s vital SME sector while also promoting a drastic improvement in export growth over the coming years,” EDB Chairperson and Chief Executive, Indira Malwatte said.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Employees’ health and safety our top-most priority - Brandix

When inquired, Brandix Apparel Limited said that health and safety of employe

“Workers who fainted had water sprinkled on their faces and had to work again”

Health authorities believe the first reported Covid-19 infected worker from t

“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

Last rites far from home

The body of the Sri Lankan migrant worker Bandu who died of coronavirus in Du

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.