Sept 07, Colombo: The Hatton National Bank working in close collaboration with the Export Development Board of Sri Lanka (EDB) announced the launch of HNB SME Export Credit, a pioneering new facility specially designed to meet the requirements and aspirations of Sri Lanka's burgeoning Small and Medium Enterprise (SME) sector.
Aimed at fostering unprecedented new opportunities for export-oriented growth in the SME sector, HNB's new facility is the first of its kind to be specially developed for the sector, and is part of a broader effort from HNB to support macroeconomic growth in Sri Lanka.
"Over the many years that HNB has been actively engaged in the SME sector, we have developed extensive and lasting relationships with businesses and entrepreneurs across the island and this is most certainly one of our core strengths as a bank.
"Moving forward we are confident that HNB will be able to serve a catalyzing role that will drive a drastic improvement to the nation's export performance, the results of which will feed directly into the local and provincial economy of Sri Lanka. Such developments are vital for grassroot development in Sri Lanka and HNB looks forward to working closely with the EDB and SMEs across the island to achieve this goal," HNB Managing Director/CEO, Jonathan Alles stated.
In particular, the credit facility will focus on bringing on-board new-to-bank export clients for pre and post shipment financing with limited tangible security, with special emphasis on Tea, Rubber, Spices, Cinnamon, Coconut, Textiles and Garments, Fisheries and related industries. During the course of proceedings, the bank also extended its first credit facilities under the HNB SME Expo Credit brand to 10 local SME exporters from these sectors.
"In addition to our position as Sri Lanka's premier retail bank, HNB has long been associated with growth and development in the SME sector. The launch of HNB SME Export Credit is therefore a natural extension of this relationship, working in collaboration with EDB.