Seylan Bank initiates Eco Solar Loans 2nd phase for SMEs

Seylan Bank continues its commitment to support the growth of the small and medium enterprises (SMEs) by expanding its range of affordable and flexible financing solutions. 

The bank now offers the SMEs solar and working capital loans, providing critical funding options for businesses in urgent need of financial support.

Seylan Bank’s solar loans provide the SMEs with an affordable and flexible financing option that facilitates the adoption of renewable energy as business investments. With Seylan Eco Solar Loan, the SMEs can power their businesses with renewable energy, in a move that promotes sustainability and minimises the impact of their carbon footprint. 

While contributing to the nation’s sustainable energy goals, the initiative also aims to elevate the financial viability and competitiveness of the SMEs. 

Ideal for commercial entities exploring options to reduce energy costs and their carbon footprint, Seylan Eco Solar Loans also allow both the industrial and agricultural sectors to boost operational efficiency. These sectors can obtain loans amount up to Rs.100 million from the solar loan scheme, with flexible financing options. The borrowers can choose a fixed interest rate of 11.0 percent per annum for the first five years, followed by the variable rate of one-month AWPLR + 1.0 percent for the remaining two years, with a floor rate of 9.0 percent p.a. The repayment period extends up to seven years, providing substantial financial advantages.

Agriculture, manufacturing, technology, education, healthcare and export sectors, including trading businesses, are eligible for Seylan SME working capital loans. Flexible interest options of fixed rate of 11 percent per annum for three years alternatively, a floating rate option starts at 9.5 percent per annum for the first year, balance two years at one-month AWPLR + 1.0 percent p.a. are available for the clients for a minimum loan amount of Rs.25 million to a maximum loan amount of Rs.100 million. 

Deputy General Manager Branch Credit Ranil Dissanayake stated, “With Seylan Eco Solar Loans and working capital loan schemes, we reaffirm our commitment to this aspiration in a manner that not only unlocks potential for the SMEs but also transforms the financial landscape to give enterprising business ventures a chance to flourish.”