Sri Lanka MSMEs welcome Saubagya lifeline extension

Business
By Editor_1
Nawaz Rajabdeen, President, Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI)
0

COLOMBO – Sri Lanka’s Micro, Small & Medium Enterprises (MSMEs) have welcomed the decision of the new government to extend the bidding deadline for loan infusion, deeming it a “critical relief” for the sector.

Nawaz Rajabdeen, President of Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI), in a statement on Tuesday (25), said the lockdowns had rendered the MSMEs on the verge of collapse, as the supply chains and cash-flows had been severely disrupted.

Welcoming the government’s life support to MSMEs by giving working capital loans at 4% interest, he however noted that due to logistic disruptions, many MSMEs were unable to join the scheme. “We thank the new government for realizing their plight and extending the Saubagya deadline, which is a critical relief by itself,” he said.

He noted that though MSMEs in sectors such as apparel, processed foods, and handlooms were making a slow comeback, MSMEs in other sectors such as tourism and footwear and leather were likely take more time. “Therefore we praise the Central Bank for extending the application deadlines for 4% working capital loan relief,” Rajabdeen said.

The loans, to be granted under the Saubhagya (prosperity) Loan Scheme as a ‘Saubhagya COVID-19 Renaissance Facility’, will be made available to MSMEs in manufacturing, services, agriculture, construction, self-employment businesses and individuals and businesses in the sectors of tourism, exports and related logistics suppliers. Financial institutions are to grant a working capital loan facility to eligible performing and non-performing borrowers not exceeding two months’ working capital requirement, to be repaid over two years at an interest rate equal to 4% per annum.

The Central Bank on August 21 announced Monetary Board had decided to extend the deadline for applying for the 4% Working Capital Loan Scheme until September 30, facilitating COVID-19 affected businesses and individuals to submit their loan applications under the Saubagya COVID-19 renaissance facility to respective licensed banks.

-ENCL

Editor_1
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