The NDB Bank has introduced a new Business Banking Unit which specialises in handling entrepreneurs’ needs, to support the country’s SME sector.
“The bank has the ability to access regional SMEs which are contributing more to the country’s economy. Some of these SMEs do not even have a proper set of financial statements. However, we as a responsible bank will assist them in obtaining financial support to take their ventures to the next level,” National Development Bank (NDB Bank) CEO/Director Dimantha Seneviratne said.
The SMEs face ups and downs in the life cycle and they also need financial support for expansion and growth. The business environment is changing and these SMEs face many challenges. “We as a bank will support them to face these challenges and reach the middle and upper level of the respective businesses,” he said.
There is a need for special assistance for up-coming SMEs and the NDB Bank focuses on these SMEs and provide guidance and financial support. “Based on our portfolio, we will make quick decisions to disperse loan facilities to our customers,” he said.
“The Bank will have different approaches for providing financial assistance to the SMEs such as centralised approach for the small sector and a relationship approach for the middle sector for easy identification of customer needs.
“Apart from providing financial assistance for the SME sector, we are confident that there is a big market and opportunities for growth for the SME sector and a key driver of growth in the banking business,” he said.The NDB Bank will add funding lines to support the growth of the SME sector which has been identified as an important sector in the economy. The bank which was set up originally as a development bank has become a total solution provider at present. It serves the middle market in the segments of manufacturing, trading, agriculture, tourism and construction.
Among the many areas of business, digital banking is the key product offered by the bank. NDB Bank has supported over 150,000 businesses in their financial needs directly or indirectly.