RDB Start – up Plus

This loan scheme has been introduced to provide the necessary financial facilities to young segment who are interested in becoming entrepreneurs and to encourage them to start new businesses.

 Features

• Maximum Loan Amount : Rs. 5.0 Mn
• Interest Rate : Fixed  –  18%  p.a.

Floating  – AWPLR + 6%  (Rates are reviewed quarterly- January,   April, July, October)

• Repayment period  : Maximum 5 years including grace period
• Grace Period : Maximum 1 year grace period.

Security

 Collateral requirements will be determined by the bank based on the approved loan amount and in accordance with its standard lending procedures.

Eligibility

• Must be a Sri Lankan citizen.
• Applicants must be between 18 and 35 years of age.
• Possession of a National Vocational Qualification (NVQ) Level 3, 4, 5, 6, or 7is an additional qualification.
• Must submit a proper business plan.
• Must intend to start a new business based on a creative business ideaor operate an existing business that was established within the past five years.
• The loan applicant must have a suitable location for carrying out the proposed project, either through ownership or a valid lease agreement, and must demonstrate the necessary entrepreneurial skills and capacity to successfully operate the business.
• Must be able to engage in the business on a full-time basis.
• Must be an RDB Youth Plus Account holder.

Eligible Activities

• Purchase of fixed assets, such as machinery and equipment.
• Construction, renovation, or development of business premises and offices.
• Acquisition of technology to support business development.
• Meeting working capital requirements.
• Supporting service-based businesses and service providers.

 

Priority will be given to businesses operating in the following sectors:

Agriculture and Agri-processing, Manufacturing, Tourism, Food Processing, Export-oriented businesses, Green/ Climate – Smart Businesses , IT – related businesses, Women-led businesses