Get your technology company evaluated for bank loans

The ICT Agency of Sri Lanka (ICTA), the apex body for Information and Communication Technology in Sri Lanka, in collaboration with PwC Sri Lanka, jointly developed and introduced a new Credit Evaluation Framework to be adopted by lenders when lending to tech companies with minimal collateral.

The new framework minimizes the challenges face by technology companies when obtaining debt facilities, as traditional credit evaluation methods require borrowers to provide tangible collateral to be eligible for a business loan. Furthermore, technology companies are evaluated using existing generic credit evaluation frameworks, which have inherent shortcomings in evaluating the merits and demerits of a technology company. This new framework has been built around four pillars, namely; Founder, Market, Product, and Financials and has thus provided technology companies to be evaluated on quantitative and qualitative factors that are most relevant to them.

Eligibility Criteria:

The company should have;

  1. A product that is in the growth stage of the product lifecycle
  2. The ability to provide three years of audited financial statements
  3. The availability of a business cash flow forecast (5 years)

The steps to follow;

  1. Download, fill the EOI (Expression of Interest), and send to startups@icta.lk an email note requesting debt
  2. You will be contacted by PwC regarding the submission
  3. Sign the NDA with PwC who will be assessing the company and derive the credit rating
  4. ICTA will communicate the ratings to the banks
  5. The business unit of the banks will contact the company for further information/assessment
  6. The rates and the amount which the banks can offer will base on a mutual agreement between the banks and the company

For further information, you may write to startups@icta.lk or call 011-236-9099

Download EOI