Union Bank supports coconut cultivation through ‘Kapruka Ayojana’

As part of its efforts to develop small and medium enterprises (SMEs) and build sustainable businesses, Union Bank, through the ‘Kapruka Ayojana’ credit line, continues to uplift and support coconut cultivators with funding and advisory. 

SMEs/coconut growers can obtain loans up to Rs.3.0 million through this loan scheme for various development activities.

Union Bank Chief Manager Development Financing and Business Revival/Rehabilitation Janaka Edirisinghe said, “Coconut is a multipurpose perennial crop and farmers have to wait at least five to seven years to earn a proper yield. Therefore, farmers are hesitant to take loans for cultivation activities. Hence, the Kapruka Ayojana credit scheme assists farmers by providing loans up to Rs.3.0 million, with a very attractive fixed interest rate of 8 percent p.a.” The Kapruka credit scheme provides financial guidance towards the realisation of higher productivity and steady income by ensuring optimum utilisation of available resources in the land, through scientifically developed individual farming plans. 

As the fourth largest coconut-producing country in the world, Sri Lanka’s coconut industry is a key contributor towards Sri Lanka’s economy.