LOLC Finance PLC recognized the difficulties faced by businesses across the country, and increased and accelerated its commitment to extend its support to improve and revitalize such affected businesses in numerous ways.
LOLC Finance has implemented several qualitative and quantitative measures to support and improve many ailing companies in the Southern region. Several tailor-made solutions were presented to the customers, offering unparalleled relief and flexibility in reimbursements.
In the southern region, LOLC Finance has rescheduled a significant amount of loans during the COVID and post-COVID period, bringing relief to a large number of entrepreneurs and individuals. A majority of those loans were from small and medium-sized enterprises (SMEs)
These loans were mainly rescheduled as a result of significant income and cash flow reductions. In addition, moratoriums were offered to clients to cope with financial challenges
during the COVID-19 pandemic.
These moratoriums have been issued six times from time to time. In addition, LOLC Finance’s iPay Digital Platform was aggressively expanded across the region as it is a convenient, easy-to-use and well-advanced digital payment platform.
Despite the lockdowns and curfews, LOLC Finance was able to support its clients with new loan disbursements, especially to SMEs and micro-enterprises. MSME and Micro customers with detailed credit requirements were met with custom plastic credit amid the challenge of prolonged lockdowns.
Meanwhile, LOLC Finance, with the largest fixed deposits and savings deposits in the country, among the registered finance companies, managed its fixed deposit facilities smoothly through the digital
In addition, LOLC Finance has been committed to distributing emergency kits for people hard hit by the pandemic. These efforts were carried out by partnering with two of Sri Lanka’s major media outlets – Hiru Sahana Yaatra and Manusath Derana.
Nalaka Mohotti, Deputy General Manager of the Southern Region of LOLC Finance, said of the company’s relief initiative: “At LOLC Finance, we developed an overall action plan to face this crisis – because we knew we had to weather this storm together. We took full advantage of that plan because we knew we had to support individuals, businesses and communities in the Southern region to overcome this crisis.I have to thank the more than 580 employees in all 26 locations in this region for their unwavering support and dedication”.
Conrad Dias, Director/CEO of LOLC Finance PLC said: “I am grateful to the staff at LOLC Finance for the commitment and sacrifices they have made during this challenging time. Together, we ensured that not only did our business run smoothly, but also that the lives and businesses of our valued customers were given the highest attention and priority.
Our staff worked tirelessly to help our customers who were both affected and uninfected move to digital banking. We all know that COVID-19 is here to stay and that it changes our lives forever. Therefore, as a company working closely with the communities of this country, we will stand and work together, come what may.”