Rs 6 b for SME sector loans

Indunil Hewage

The government has taken measures to allocate Rs 6 billion to provide immediate loans for the SME sector to empower Small and Medium Enterprises (SMEs). The government has received the money from the World Bank aid programme. It has already disbursed the money to seven banks to provide loans for required enterprises.

Speaking at a press conference held to announce the SME Machinery and Technology Exhibition 2011, Federation of Chambers of Commerce and Industry of Sri Lanka Secretary General Thusitha Tennakoon said the main objective of the project will be to provide immediate loan facilities for SME sector entrepreneurs and upcoming innovators.

Many SME sector entrepreneurs have to face collateral issues to obtain loans from banks. Having understood these issues faced by the entrepreneurs, the government has launched this project to grant immediate loans for entrepreneurs. Loans will be given to entrepreneurs who come up with viable commercial project ideas.

The SME sector loan scheme is to be launched at the SME Machinery and Technology Exhibition 2011 on June 10, 11 and 12 at the BMICH. The exhibition will be open from 10 am to 7 pm and is organized by the Small and Medium Enterprises Developers in collaboration with the Industry and Commerce Ministry.

The main objective of the exhibition is to enhance technological capabilities of the SME sector to emerge itself as an efficient and competitive sector in the economy and to prepare them for the global market.

The exhibition will depict various machinery and services of local and international machinery institutions, research and development institutions and finance and business development industries.

In concurrence with the exhibition, several seminars will be held on government policies and strategies on the SME sector, high tech machinery and approaches that are adopted in various countries.