The Bank of Ceylon (BOC) has launched the second phase of the ‘BOC Youth’ Loan Scheme, an initiative aimed at empowering young Sri Lankan entrepreneurs and supporting their business aspirations.
The launch event was held at the BOC Head Office, attended by Chairman Kavinda de Zoysa, General Manager/CEO Russell Fonseka, members of the corporate and executive management teams, staff members, young entreprenures and officials from the Export Development Board (EDB), Industrial Development Board (IDB), Small Enterprise Development Department (SED), National Enterprise Development Authority (NEDA), National Apprentice and Industrial Training Authority (NAITA), and Industrial Technology Institute (ITI).
The first phase of the ‘BOC Youth’ Loan Scheme facilitated loans for 11,256 young entrepreneurs, offering financial support of up to Rs. 500,000 at a 7% interest rate.
The initiative was designed to help individuals establish new businesses or expand existing ventures within a year. BOC has extended its financial support across all regions of Sri Lanka, with 91% of the benefits reaching entrepreneurs outside the Western Province.
Under the first phase, financial assistance was distributed across multiple sectors, with 19.50% allocated to manufacturing, 18.96% to agriculture, ornamental plant nurseries, and fisheries, and additional funding directed toward healthcare, social services, construction, information technology, education, tourism, arts, retail, entertainment, science and technology, and transportation sectors. This extensive sectoral representation highlights the program’s broad economic impact and inclusivity.
BOC ensures that loans are granted through rigorous evaluation, prioritising applicants with strong business plans and ensuring close collaboration with government agencies to monitor and support the development of funded enterprises.
