People's_Spark

People's
Spark

“PEOPLE'S SPARK” Loan Scheme

Introduction

Peoples Bank introduces a dedicated loan scheme for youngsters who have successfully completed their basic education level. This scheme will focus on developing entrepreneurs and startup businesses prioritizing Agriculture, Food and Beverage, Manufacturing, Innovation, Tourism and Essential services including Health, Education and Logistics sectors.
These programs may include financial assistance such as loans, tailored to the needs of entrepreneurs. Additionally, these initiatives aim to foster economic growth by encouraging and supporting the development of new businesses within the community.

Features
Eligibility
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Features

Interest Rate

Facilities up to Rs. 500,000 - 7.0% (Fixed)
Facilities up to Rs. 1,000,000 - 10.0% (Fixed)
Facilities exceeding Rs. 1,000,000 - AWPLR +2% p.a (Monthly Review)

Operational Regions

Island wide

Loan Amount

The maximum loan amount is Rs. 2.5 Mn.

Repayment Period

Investment Loan - 7 years
Working capital Loan - 3 years

Security

Any security acceptable to the bank

Eligibility

Criteria

A citizen of Sri Lanka.
A person who have passed G.C.E. Ordinary Level/Advanced Level examination
Age between 20-45 years
Not a defaulter of People’s Bank or any financial institution

Sectors

Agriculture (Farming, Live stock, Fisheries, Agro produce collectors and intermediaries, Small rice miller)
Manufacturing Industries focused.
Food and Beverages.
Innovation and technology based businesses.
Essential Services( Health, Education, Logistics, Telecom)
Tourism