“Grow Your Business” launched by the NCCSL to help SMEs

The National Chamber of Commerce of Sri Lanka (NCCSL), in order to help SMEs develop and become bigger and better, has launched the Business Promotion Fund in collaboration with the Royal Netherlands Government.

“SMEs play a vital role in the country’s economy,” said Nirmali Samaratunga, NCCSL President at this week’s first disbursement of funds to recipients from the SME sector under the “Grow Your Business” programme. She said priority will be given to women entrepreneurs and those from less developed areas of the country. The funds will be provided for the purchasing of machinery and equipment to support their businesses so as to help them increase production and create employment. The first phase saw recipients from industries such as rice milling, coir, woodwork, apparel and hotel receive funds. Among the 10 recipients were two women entrepreneurs while all those who received the funds were from rural areas. A main feature of this project is that it is on cost sharing basis, where the recipient also shares part of the cost, creating a feeling of ownership. The NCCSL also has a mechanism to visit these recipients at regular intervals to ensure that the funds are being utilized for the betterment of the businesses, according to Asoka Hettigoda, the chamber’s Hon. Secretary.
(LP)