Current high lending rates will come down to single or low double-digit levels sooner than expected, said Cargills Bank Limited Managing Director/CEO Senarath Bandara.
He said that the inflation which was at 70% a year ago too should come down to a single digit this month. “falling in line bank lending rates too will come down which will allow entrepreneurs to borrow and commence new or stalled businesses.”
He said this to Daily News Business when Cargills launched its ‘Village to Home program’ to provide vital support to the country’s small and medium entrepreneurs (SMEs) who were severely impacted by the Covid-19 pandemic and left without market access.
Even though the pandemic is behind us, Cargills has continued the ‘Village to Home program’ to empower local entrepreneurs. The 20th Village to Home program took place on July 29 and 30 at the Cargills Food City Delkanda with the participation of 22 SMEs.
Since its inception, the program has provided over 800 SMEs with a platform to showcase their products to the extensive customer base of Cargills. To address the hardships faced by SMEs, Cargills provides a platform for these entrepreneurs to generate additional income and also extends technical assistance to help them bring their products to market.
“Furthermore, the Cargills Bank extends crucial financial support to these entrepreneurs, enabling them to expand their production capacity.”
Cargills provides these monthly trade stalls free of charge, bearing all expenses associated with the program. Importantly, the entrepreneurs retain all the income earned through the program, ensuring a direct benefit to their businesses,” said Cargills Foods Company (Private) Limited Managing Director Asoka Pieris.
As an extension of the program, selected SMEs are also provided with dedicated gondolas or bays inside Cargills Retail outlets to showcase their products. This opportunity allows them to reach an even wider customer base and drive further growth for their businesses.
The recently concluded Village to Home program witnessed a diverse range of products, offering a vibrant shopping experience for customers. From traditional handicrafts to homemade food products, customers were able to explore and support local entrepreneurs while enjoying high-quality goods.
He said that the opening of supermarket chains in Sri Lanka was a major boost for the local Agro sector as it gave them the confidence to invest more since they were sure of a market for them.
“We also have created warehouses to store agro products purchased from farmers.” (SS)
