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Lakkam loan scheme launched

The Lankaputhra Development Bank and the Industrial Development Board of Ceylon have signed a Memorandum of Understanding (MoU), providing for the launch of the Lakkam Loan Scheme. The signing of the MoU took place recently at the Ministry of Rural Industrial and Self Employment Promotion at Maradana.


Minister of Rural Industrial and Self-Employment Promotion S.B. Navinna receives the agreement from the Acting General Manager of Lankaputhra Development Bank, Ranjith Dissanayake. Chief Operations Officer of the Bank Ravi Dassanayake and Chairman of the Industrial Development Board, Gamini Gunadasa look on.

The loan scheme seeks to provide financial assistance to entrepreneurs who plan or already have launched village level small and medium scale industries or self-employment ventures. Applications with the recommendations of the Industrial Development Board of Ceylon will only be considered under this scheme.

The amount of loan will vary from Rs. 50,000 to Rs. one million with an annual interest rate of 12 percent. The security for the loan will depend on the amount sought. The repayment period will be from three years to five years.

Funds will be provided for the purchase of machinery and equipment as well as working capital. All manufacturing industries and services and self employment ventures are eligible to receive these loans.

The Lakkam loan scheme currently covers the North Western, Central, Uva, North Central, Sabaragamuwa, Southern, Eastern and Northern Provinces and Kalutara district in the Western province.

Advice regarding the loan scheme could be obtained from the Regional Offices of the Industrial Development Board. Duly filled application forms along with the project report should be submitted to the Lankaputhra Development Bank.

The project report sent with the application should be forwarded with the recommendation of the Industrial Development Board of Ceylon.

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