Mahaweli youth, beneficiaries of special SME Bank loan scheme

LOAN SCHEME: SME bank has launched a special loan scheme for youth in the Mahaweli zone to enhance their contribution towards the country’s economic development and to strengthen entrepreneurship in these areas.

According to a SME bank press release, the loan scheme was developed targeting the needs of the youth in the Mahaweli areas. The scheme will be conducted under the purview of the Mahaweli Authority and the SME Bank.

Funds for the project will be provided by the Treasury for SME Bank as a refinancing loan. Mahaweli Authority will select the loan recipients and monitor the loan repayment process.

It has been identified that there is a huge potential for mushroom farming floriculture and ornamental fish cultivation in these areas, which could target the international market. Youth who qualify for this loan scheme will have necessary training, on their business and market linkages for their products.

The loans will be provided under the 8 per cent concessionary interest rate with a four-year repayment period.

First distribution of the loan scheme was held recently at the Agrarian Services Ministry with the participation of the Minister of Agricultural Development and Agrarian Services Development, Maithripala Sirisena and representatives of SME Bank.