SME bank loan scheme for handloom weavers

Irangika Range

NEW SCHEME: The SME bank has introduced a special loan scheme for the development and revival of the local handloom textile industry.

The bank in collaboration with the Ministry of Textile Industry Development implements this loan scheme under its women entrepreneurship development programme Kantha Diriya. This loan scheme would help regain the traditional handloom industry in the country.

This would also help weavers to fulfil their basic requirements such as purchasing new machinery and related tools, raw materials and infrastructure development to increase the productivity.

Women can apply for the credit facilities up to Rs.1,00,000 while the interest is 9.5 percent of this loan. The repayable period of the loan is 36 months.

As an initiative, the Textile Industry Development Minister Jayatissa Ranaweera has been granted loans for 20 handloom weavers in the famous handloom products manufacturing village of Divulapitiya.

Minister Ranaweera said this step would vastly help the revival of the handloom textile industry in Sri Lanka under Government sponsorship.

The Ministry, has been able to support people who engaged in the handloom textile manufacturing. He said with the implementation of this project newcomers could be attracted to the industry by increasing their contribution to drive the industry.

He said that the Government has clearly understood the importance of uplifting the traditional industry and it will further support to protect the industry - improving livelihood of many weavers who have been struggling over the last couple of decades.

"We are aware that weavers are undergoing hardships which is mainly the financial problem. The Ministry has understood this situation and it makes all the facilities for the development.

It has granted textile equipment and tools and machinery for 77 weavers in the Divulapitiya village.

"There is a high demand for handloom products in the world and We advise industrialists to provide value added marketable products. It conducts training programmes in Divulapitiya, Embilipitiya and Kantale. Thirty students have followed a course to manufacture value added handloom products using handloom textiles and have obtained their certificates as well.

He said there are many employment opportunities for the trainers in export companies while the Ministry supports to start their own business. It has also granted textile equipment and tools to the value of Rs.3,85,000 to 77 handloom weavers in Divulapitiya.