US Rimas Foundation to start operations in Sri Lanka

US based Rimas Foundation, involved in investment banking, lending and providing business solutions is looking to set up operations in Sri Lanka.

President and CEO, Rimas Foundation, Oriando, USA, Khawar Ali Khan speaking to Daily News Business, while visiting the Foundation of Goodness in Seenigama said that they are looking at lending to mainly to Micro and SME sectors initially. “We hope to disperse around US$ 3 million in the first year of operations.”

He said that their main aim is to assist the small time entrepreneurs offer them credit and even expertise to move up to the next level at a very low interest (single digit) rate and with less collateral.”

He said that under this this system first to be implemented in the Galle District, they hope offer credit starting from Rs. 50,000 to 250,000 and these would be dispersed on the recommendation of civil societies or via organizations like Foundation of Goodness in Seenigama.

“This model is implemented in several other developing countries in Africa and it has proved to be very successful. “We have observed that after around three years the project becomes self-sufficient in funding. The next level is setting up of a bank and we hope this same pattern would continue in Sri Lanka as well, leading up to a setting up of an investment bank in the future.”

Ali Khan said that they were also happy in the manner in which Foundation of Goodness in Seenigama is operating and the facilities it offers to people in the area in entrepreneurship, education, beauty culture, photography, IT, Vocational training, tourism, sports, health and other areas. “We may tie up with them to offer lending to the public and its Chairman, Kushil Gunasekera and his team has knowledge of the people involved in MICRO and SME sectors in the area.”

The people in Galle had to forgo not only their dearest ones but also businesses after the tsunami and some of them are yet to recover and move back to business. “We also hope to make a difference in a few lives in Sri Lanka and plans to continue to do so until we could do no more.”

He said that they will also meet the American Embassy officials and seek their assistance to get necessary approvals in Sri Lanka to launch this project from next January.”

(SS)