Hatch, the award winning co-working space, start-up incubator and accelerator is partnering with HDFC Bank as their official banker, to give its community of startups access to an exclusive loan facility, the benefits of which will support these startups in strategically growing their business in the face of Sri Lanka’s challenging economic climate.
Accounting for ninety per cent of all businesses, providing forty five per cent of employment and contributing towards fifty two per cent of Sri Lanka’s GDP - Micro, Small and Medium Enterprises (MSME’s) are the backbone of Sri Lanka’s economy.
With a large majority of the local population living in rural areas where MSME’s are a major source of employment and income generation, they are critical to alleviating poverty. Supporting the survival and growth of local MSME’s must be a strategic priority in Sri Lanka’s recovery plan to ensure growth and development of the local economy and society. Housing Development Finance Corporation (HDFC) Bank is a specialized bank registered with the Central Bank of Sri Lanka. HDFC is a semi-governmental institution listed on the Colombo Stock Exchange (CSE) and the General Treasury holds 51% shareholding through the National Housing Development Authority. HDFC Bank is the Premier financial partner for low and middle income individuals in ensuring sustainable housing and living standards with an island wide network of 39 branches. Whilst Housing Finance is the core business, HDFC Bank goes beyond housing rudiments, helping homeowners with household requirements, education and Development Finance, financing for micro and small entrepreneurs, Leasing and Gold loans intended to support and uplift Sri Lankans in leading a better life.
Hatch has run several Incubator and Accelerator programs since its inception in late 2018 and has many more in the pipeline for 2023 aimed at driving local entrepreneurship across the island. These programmes are aligned with Hatch’s belief that entrepreneurs are the catalyst for economic development, collaboration drives innovation and that everyone, regardless of background, should be given the opportunity to create a meaningful impact in the world. Starting with just twenty eight start-ups, in four years Hatch has supported over 500 start-ups. Of these, they have incubated and accelerated thirty seven per cent of them through programmes and thirty three per cent of the founders are women-led or focused businesses.
Programs addressing barriers faced by women in entrepreneurship through mentorship, business development, and investor matching have always been a key pillar for Hatch, starting with the Kickass program in 2020.
This collaboration between Hatch and HDFC allows both parties to leverage their existing strengths to support and develop the local Sri Lankan economy by driving entrepreneurship.
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