Standard Chartered micro-finances Jaffna start-ups


Standard Chartered, in furtherance of the Memorandum of Agreement (MOA) signed with Youth Business Sri Lanka (YBSL), a project of the Ceylon Chamber of Commerce (CCC), handed out micro-financing facilities to 29 young men and women of Jaffna who had been affected by the war to start up businesses, on Friday, 21 September 2012. Nine entrepreneurs received cheques from Standard Chartered’s Chief Executive Anirvan Ghosh Dastidar, and 20 others received letters of eligibility. The Bank is investing USD 60,000 in this project which will benefit over 150 recipients, within a 2 year cycle.

The micro-financing facilities were made possible for Standard Chartered, which has no presence in the peninsula, via the assistance of a local bank, Hatton National Bank, which will disburse the loans to the recipients on the Bank’s behalf. The interest generated through this will be reinvested in the recipients’ community with a focus on improving the available health care facilities.

Anirvan Ghosh Dastidar, Chief Executive Officer, Standard Chartered, speaking at the ceremony hosted by the CEO of the Chamber of Commerce and Industries of Yarlpanam said: "These young men and women, who have grown up in the shadow of the civil war, are an inspiration to us all. They have demonstrated courage in engaging in enterprise, and we salute their effort. We look forward to their thriving and successful businesses".

The credit scheme, managed by HNB and YBSL will help aspiring entrepreneurs disadvantaged through lack of access to capital, to commence and realise their business ideas.

Standard Chartered Bank will continue to share financial knowledge and expertise as well as business counselling, with these young men and women of Jaffna, to improve livelihoods and provide platforms from which small scale enterprise can enter the mainstream of developmental activities, in keeping with its brand promise, Here for good, the bank said in a statement.

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