Loans for over 400 at banking clinic

A banking clinic was held at the Kegalle District Secretariat on November 26 to grant bank loans to those who tendered applications at the Divineguma Industrial Exhibition and underwent training, organised by the Traditional Industries and Small Enterprise Development Ministry.

The banking clinic was held under the patronage of ministry Secretary S Sivagnansothy.

Sivagnanasothy said Traditional Industries and Small Enterprise Development Minister Douglas Devananda was keen to help upcoming industrialists.

The minister participated in every banking clinic held for those who had undergone training subsequent to selection from the applications tendered at the end of the Divineguma Industrial Exhibitions held islandwide to encourage the commencement of small scale and domestic industries, he said.

Sivagnanasothy said more than 98 percent of those who participated in previous bank clinics were able to obtain loans and at this occasion too, if the projects submitted were acceptable, there wouldn't be any problem in getting bank loans.

He said Central Bank Governor Ajith Nivard Cabral had assured the minister to grant these loans at a concessionary rate.

The Secretary said small scale and domestic industries had a major role to play in making Sri Lanka The Wonder of Asia.

"The President's wish is to extensively develop traditional, domestic, small and medium scale industries so that they could contribute a considerable slice to the Gross Domestic Product.

"A massive sum had been set aside from the Budget to develop these categories of industries," he said.

Sivagnanasothy said through the development of domestic and small scale industries countries like India, South Korea and Malaysia were able to develop themselves.

"These countries by changing their lending policies were able help capital starving industrialists," he said.

Central Bank representative H K Dharmawardena said Minister Devananda was taking a concerted effort to develop small scale and domestic industries while Governor Cabral was supporting him by drawing up special loan schemes, like Saubhagya and provided state and private banks with instructions and allocations to realise the objectives of the Divineguma programme.

He requested those desirous of commencing their own domestic and small scale industries to make use of the opportunity before them. Several state officials also participated. Over 400 who participated in the clinic were granted bank credit.