LOLC Factors Ltd (LOFAC) has introduced a new facility called Gold Cheque Financing focused mainly on supporting the micro and SME sectors in the North.
“This is an efficient means of providing working capital against gold items, providing a feasible option for entrepreneurs who lack property or vehicles as collateral,” according to a company statement.
Kapila Jayawardena, Group Managing Director & CEO of LOLC was quoted as saying that the North is highly sought after for business development initiatives and much is expected from this region to contribute towards the overall economic development of the country.
“More and more people from this region are gradually but surely finding their own foothold in the Micro/SME sector. Therefore, much needs to be done from the financial services sector to assist them to achieve their dreams,” he added.