Business Development Service provider of the Southern Province Rural Economic Advancement Program
SPREAP is an ADB funded project implementing in the southern province to develop small and medium enterprises (SME) through entrepreneurship development process. SEEDS was selected as a BDS provider for the Project, which is being implemented in three Districts in the Southern Province. Many clients have registered at the Enterprise Promotion Centres in Galle, Matara and Hambantota. SEEDS is a leading business services provider in this project and Services rendered include preparation of Business Plans, disbursement of credit for income generating projects, technical skills training, and creation of new job opportunities. SEEDS is a Participating Financial Institution (PFI) under the sub-component, Enterprise Development Services and Credit for Economic Growth. While the Banking Division is engaged in operating the credit line for financing micro, small and medium enterprises (MSMEs) that would stimulate grassroots economic activities(Thus far, credit to the value of Rs.197.92 million has been disbursed to clients who are eligible), the Enterprise Services Division and the Training Division are service providers for the ancillary services. During the year the Training Division prepared 236 Business Plans for clients in the region as follows: Galle -93, Matara -95 and Hambantota- 48.
This initiative created more than 200 IGP/ micro-enterprises formed through entrepreneurship development training and follow up business development services. The implementation process involve basic awareness programs, selection of potential clients, preparation of business plan with or without entrepreneurship development training, facilitation of credit facilities and follow up business management services. SEEDS facilitated more than 35% of the businesses started up so far. SEEDS also do the follow up business counseling and facilitation process. The impact assessment carried out at the beginning of 2005, show all the entrepreneurs are managing their businesses properly. ADB selected SEEDS as the best service provider in this project out of 100 other counterparts. Total outlay was Rs 8.4 millions.
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