Chandana Jayasinghe

Berendina Micro Investments Company Limited well known as BMIC, is the first licensed microfinance company under the Microfinance Act No.6 of 2016 of the Central Bank of Sri Lanka established in order to provide Microfinance services to the rural and plantation communities in Sri Lanka. BMIC operates and expands its operation in to high poverty districts in the country and covering the villages irrespective of population density, difficulties in access to village such as distance from the town center etc. This remarkable feature ensures BMIC is not a profit driven establishment and the underprivileged and marginalized communities have access to BMIC services irrespective of whether they live in isolated or remote villages with difficulties to access finance. With an outstanding loan portfolio of Rs. 3.1 Billion, BMIC currently has 30 branches in 11 districts with a total clientele well over 75,000. BMIC disburse small sized, medium-tenured loans to low income families (clients). While comparing to all financial and non-governmental organizations, BMIC’s loans come with the low interest rates in the market except the Government funded programs. BMIC selects clients under a strict criterion based on the Poverty Probability Index (PPI) as well as the “per head family income” indicators, who need assistance and loans for a variety of purposes including development of micro enterprises, agriculture, livestock and construction and renovation of houses. BMIC also provides enterprise development loans and individuals loans based on the need of the client. BMIC also encourages Saving Habit amount its clients and provide savings account facilities through its branches. The credit plus component of BMIC, the Enterprise Development Services which is identified as EDS, focus on providing a wide spectrum of skills including technical, business management, financial literacy and leadership trainings.