SDB partner banks SAPP, FIDA and MILCO
SDB Bank, in collaboration with several key enablers of entrepreneurship development including SAPP (Smallholder Farmers Partnership Program), IFAD (International Fund for Agricultural Development) and MILCO, marked the continuation of their initiative dedicated to improving the livelihoods of dairy entrepreneurs, with a loan-granting ceremony for its participating entrepreneurs.
The event titled “SAPP Young Entrepreneurs Credit Disbursement and Grant Award Ceremony”, held in Aralaganwila, Polonnaruwa, brought together young entrepreneurs engaged in dairy farming from the surrounding area.
Agriculture Minister Mahindananda Aluthgamage was the main guest while SDB Bank CEO Thilak Piyadigama; SAPP Program Director Dr. Yasantha Mapatuna and MILCO President Lasantha Wickramasinghe also participated.
SDB Bank’s key role as a provider of financial facilities to the initiative was emphasized by officials from all participating organizations, and their current involvement represents an extension of the bank’s previous partnership with MILCO to support dairy farmers. by granting specialized loans. Their CEO said: “ It is a source of pride for SDB Bank to be associated with SAPP, IFAD and MILCO in this entrepreneurial initiative, and we are committed to fulfilling our role as a banking partner in the projects of MILCO to double milk production during this year. , in addition to being involved in the broader goal of stopping imports of dairy products in the next 4 to 5 years ”.
The technical know-how and financial literacy provided by SAPP to young dairy entrepreneurs under the initiative is expected to strengthen their businesses and significantly boost national dairy production, complemented by the participation of SDB Bank and MILCO as as provider of financial facilities and market facilitator respectively.
Taking advantage of the improved access created by MILCO to the island’s extensive network of rural dairy farmers and SMEs, the collective efforts of SDB Bank, SAPP and IFAD have enabled loans to be disbursed to a large number of producers. dairy initially, with a Rs. 1 billion loans should be granted in the near future to the dairy entrepreneurs who supply milk to MILCO.
The dairy farmer support initiative has received tremendous strength through leveraging SDB Bank’s wide reach across the country and strong links with SMEs, with the bank’s Polonnaruwa branch endorsing over 100 loans ahead of the loan-granting ceremony last week.
A similar volume of loans has been continuously disbursed in many parts of the country to advance this initiative, leveraging the bank’s network of 94 island-wide branches and its strength in the SME segment.
SDB Bank’s offer of financial support to dairy farmers under this program is closely linked to its long-standing efforts to boost agribusiness-oriented SMEs across the island.