NDB introduced “NDB Jayagamu Sri Lanka” for exporters and inventors to encourage and support emerging exporters, prospective entrepreneurs and inventors of Sri Lanka. Through this, both financial and non-financial services will be offered to encourage and facilitate entrepreneurs, exporters and innovators.
Speaking of NDB Jayagamu Sri Lanka, NDB Chairman Mr. Eshana De Silva said “We introduced this initiative to lend a helping hand to our fellow Sri Lankans as well as to boost the country and its economy. The post COVID world requires the contributions of every Sri Lankan, and this initiative stands as a sign of the Bank’s commitment towards the development of Sri Lanka as well as developing our exporters and innovators.”
NDB recognizes the potential for transformation in the country’s exporters, entrepreneurs and inventors because the key to Sri Lanka’s economic resurgence lies with them.
Speaking of this initiative, Director/Group CEO of NDB Mr. Dimantha Seneviratne noted “One thing COVID has taught us is; we cannot build the future on old foundations; the future belongs to the thought leaders of tomorrow, innovators and entrepreneurs.” Furthermore, he said “NDB has worked tirelessly towards improving social resilience; working with women entrepreneurs, driving financial inclusivity, enabling SMEs expand their horizons through e-commerce”
He further added that the supply chain disruption brought about by the global impact of the COVID 19, presents a unique window of opportunity for countries to enhance their export markets. Companies that are looking to diversify their supply chain, to move sourcing out of China and those companies who want to setup in places other than China are some of the opportunities we should target. Jayagamu Sri Lanka aims to assist Sri Lankan entrepreneur’s capture these opportunities.
Financial assistance for exporters in Sri Lanka will come in the form of working capital finance to meet the funding requirements of exporters along with facilities such as pre- and post-export finance, and other trade related facilities such as bank guarantee, letters of credit revolving STLs etc and with FOREX facilities, Islamic Banking facilities etc… Capital Expenditure financing will also be offered along with benefits such as Concessionary Lending rates, funding based on higher LTV on immovable/movable security, funding on acceptable personal guarantees or SLECIC Guarantee, a 25% waiver on all bank fees and charges, approval within 7 working days, obtaining of buyer ratings through NDB Bank from internationally recognized organizations as well as free 1st Shipment - Cargo Insurance Cover up to $30,000 (with conditions applied).
Through non-financial assistance, NDB intends to offer advisory services such as assistance in finding export markets through Export Development Board, Sri Lanka Export Credit Insurance Corporation (SLECIC), Chamber of Commerce, Daraz and Code 360.com, trade desk to facilitate exporters. It will also assist in arranging links between prospective clients and local bodies to obtain services at discounted prices.
NDB has also invested in offering a comprehensive Enterprise Resource Planning (ERP) solution to its clients, which will facilitate stock and debtor management, payroll management and other accounting functions. NDB has gone further by introducing an E- learning platform with a unique tie up with Bizeconomics to offer training on cash flow management, financial management etc for SME clients using British qualified advisors.
Under the Inventor Facilitation program, in addition to the financial assistance of working capital financing and investment capital NDB has arranged a host of non-financial assistance; including assistance for business registration, patent registration, advisory services on accounting, legal matters etc through bank’s expertise. Further NDB will use its relationships with its existing clients, funding partners, group entities etc. to help bring these new products to market.
In closing Director/Group CEO of NDB Mr. Dimantha Seneviratne noted that Jayagamu Sri Lanka will fill a vacuum that exists in the market today in empowering upcoming entrepreneurs, exporters and innovators which is essential to help set the country on a new growth trajectory.
NDB Bank is a premier commercial Bank with over 113 branches across the island, serving millions of Sri Lankans through a host of financial services. From its inception, the NDB Group which includes NDB Bank, NDB Capital, NDB Investment Banking, NDB Wealth, and NDB Securities has been a catalyst in the development of the nation, strengthening and empowering entrepreneurs, corporates and individuals from all strata of the economy. Customers across all group companies have benefited from the product and service offerings of the NDB Group.