Sri Lanka offers concessionary loans to struggling SMEs

The Sri Lankan government will offer loans with a 7 per cent concessionary interest rate to small- and medium-scale entrepreneurs struggling due to recent crises, Xinhua reported on Sunday, citing Industries Ministry Secretary Shantha Weerasinghe.

These loans, available up to 5 million rupees (about $16,500), can be settled in five years with a six-month grace period. Even blacklisted businessmen with previous non-payments can access the scheme.

A recent study by Sri Lanka’s Department of Census and Statistics found that about 20 per cent of businesses operational in 2018 had shut down by 2023.