Berendina Micro Investments Company Limited

About Berendina Micro Investments Company Limited

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. It was established to provide Microfinance services to the rural and plantation communities in Sri Lanka. BMIC operates and expands its operations into high poverty districts in the country, covering villages irrespective of population density or difficulties in access. This ensures BMIC is not a profit-driven establishment and that underprivileged and marginalized communities have access to BMIC services, even in isolated or remote villages. With an outstanding loan portfolio over Rs. 5 Billion, BMIC currently has 35 branches in 13 districts with a total clientele of well over 89,000. BMIC disburses small-sized, medium-tenured loans to low-income families. BMIC’s loans come with low interest rates, comparable to all financial and non-governmental organizations, except for Government funded programs. BMIC selects clients under a strict criterion based on the Poverty Probability Index (PPI) and “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 individual loans based on client need. BMIC encourages saving habits among its clients and provides savings account facilities through its branches. The credit plus component of BMIC, the Enterprise Development Services (EDS), focuses on providing a wide spectrum of skills including technical, business management, financial literacy, and leadership training.