Rs 15 billion soft credit for small business sector

(COLOMBO, LANKAPUVATH) –Under the Budget-2018 themed – Enterprise Sri Lanka- a credit scheme will be created with the allocation of Rs 15 billion for target small business sector.
Under this scheme the target community can borrow loans at the rate of 6.5% Minister of Finance and Mass Media Mangala Samaraweera said.

In the course of fund modernization and expansion of enterprises borrowers can obtain loans even at the rate of 3.3%, the minister told.

Addressing a post budget forum in Colombo the minister said that the cost of capital became one of the biggest barriers today to start a business.

Many young entrepreneurs and SMEs have innovative business ideas but they find it difficult to start operations due to prevailing interest rates of 15% and above, the minister added.

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