FCCISL, SME Bank project to grant loans for SME enterprises

Irangika Range

SME SECTOR: The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and the SME Bank signed an MoU to grant credit facilities for micro, small and medium entrepreneurs' projects identified by FCCISL under the "Back to Business" project.

The aim of this project is to rehabilitate a minimum of 10,000 affected enterprises and generate employment to 50,000 within three years.

Enterprise Development and Investment Promotion Minister Rohitha Bogollagama said this would vastly improve the SME sector. SMEs play major role in economic activities and it contributes largely in the tea export sector and the transport sector.

He said since the establishment of the SME bank, has been able to provide capital to many SME entrepreneurs. FCCISL, President, Nawaz Rajabdeen said that the maximum loan amount will be Rs. one million under concessionary interest rates. The repayment period must not to exceed 36 months with the provision to increase on a case by case basis to a maximum of 60 months.

The FCCSL will use its regional chamber network to implement this project.