Govt. launches loan schemes to support struggling SMEs
The Government has introduced four new loan schemes totaling Rs. 20,000 million to support micro, small, and medium-scale industries and businesses.
The initiative, aimed at revitalizing collapsed sectors, was announced by Industries and Health Minister Dr. Ramesh Pathirana during a conference organized by the Ceylon Federation of MSME at BMICH in Colombo.
These credit facilities will be offered at low interest rates and with simple conditions, in a program jointly organized by the Finance Ministry and the Industries Ministry.
Sixteen leading banks in Sri Lanka will implement two of the schemes.
One scheme allows manufacturing and industrial enterprises with fewer than 200 employees to obtain loans up to Rs. 15 million at a 7% interest rate, repayable over ten years with a one-year grace period.
Another scheme offers loans up to Rs. 5 million to small and medium entrepreneurs approved by the Sri Lanka Credit Information Bureau, at an 8% interest rate, with a five-year repayment period and a three-year grace period.
Additionally, the Ministry of Industries has launched two schemes for small and medium farmers. One scheme, named “Smile,” offers Rs. 30 million for environmentally-friendly projects at a 6.5% interest rate, with a ten-year repayment period and a two-year grace period.
