Sri Lanka to introduce concessionary loans to small and medium enterprises

Colombo, June 3 (IANS) The Sri Lankan government will introduce loans with a seven per cent concessionary interest rate to small- and medium-scale entrepreneurs who are struggling with their businesses due to the crises in the past few years, state media reported quoting Secretary to the Ministry of Industries Shantha Weerasinghe.Weerasinghe said that any small- and medium-scale businesses that have collapsed or are struggling are encouraged to obtain a loan to restore their business, Xinhua news agency reported.He said businessmen who have been blacklisted for previous non-payment of loans also have access to this loan scheme.He added that loans up to 5 million rupees (about $16,500) can be obtained under the scheme and settled in five years with a grace period of six months.A recent study by Sri Lanka's Department of Census and Statistics found that about 20 per cent of businesses operational in 2018 have shut down by 2023 due to various crises faced by Sri Lanka.--IANSint/khz

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