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Sri Lanka banks to join small business loan scheme

Ten Sri Lankan public and private sector banking institutions are to sign up for a government loan scheme to give start-up capital or funds for expansion to small and medium enterprises.

The programme implemented by the government with the aim of securing funds for capital and working capital requirements of small and medium scale entrepreneurs provides funds up to a maximum Rs.50 million with a 10 year repayment period.

The Cabinet of ministers this week approved a proposal by Mangala Samaraweera, Minister of Finance and Mass Media to enter in to loan agreements with 10 participating financial institutions.

The funds are to start a business or expand an existing business, according to the proposal.

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