Reiterating its innovative spirit, LOLC Factors Ltd (LOFAC) introduced yet another new facility called Gold Cheque Financing focusing mainly on supporting the rising Micro and SME sector in the Northern region. This is an efficient means of providing working capital against gold items, providing a feasible option for entrepreneurs who lack property or vehicles as collateral.
The high demand for Client Cheque facilities provided by the Company on previous occasions saw the birth of this new facility which is intended on creating greater accessibility to rising SMEs of this region.
Commenting, Mr. Kapila Jayawardena, Group Managing Director & CEO of LOLC Said, “The Northern region is highly sought after for business development initiatives and much is expected from this region to contribute towards the overall economic development of the country. Also, more and more people from this region are gradually but surely finding their own foothold in the Micro/SME sector. Therefore, much needs to be done from the financial services sector to assist them to achieve their dreams.”
LOLC Factors on previous occasions introduced working capital and factoring solutions to people of Jaffna which received an enormous response.
Speaking further Mr. Jayawardena added, “By offering new financial solutions to an expanding business community in the North, we were able to attract a strong client base. With the opening up of the economy in this region, the demand for our flexible and tailor made financial solutions saw an exponential growth. Northern clients who have been utilizing our products since late last year have shown strong credit and repayment values. We were able to understand their financial requirements and provide solutions that best address them. Introducing the Gold Cheque Financing was fulfilling one such requirement.”
The ever widening footprint of the Group has added further fillip to the Company in reaching the regional Micro and SME clientele.