COLOMBO, June 2 (Xinhua) -- The Sri Lankan government will introduce loans with a 7 percent concessionary interest rate to small- and medium-scale entrepreneurs who are struggling with their businesses due to the crises in the past few years, state media reported on Sunday quoting Secretary to the Ministry of Industries Shantha Weerasinghe.
Weerasinghe said that any small- and medium-scale businesses that have collapsed or are struggling are encouraged to obtain the loan to restore their business.
He said businessmen who have been blacklisted for previous non-payment of loans also have access to this loan scheme.
Loans up to 5 million rupees (about 16,500 dollars) can be obtained under the scheme and settled in five years with a grace period of six months, he said.
A recent study by Sri Lanka's Department of Census and Statistics found that about 20 percent of businesses that were operational in 2018 have shut down by 2023 due to various crises faced by Sri Lanka. ■
