Lankaputra loans to boost local footwear industry

Lankaputra Development Bank has introduced a special loan scheme to make available the finances needed to boost the local footwear industry.

The scheme, known as the Loan Scheme for the Footwear Manufacturers Association, has already got off the ground to a great start.

It is a joint initiative of the Ministry of Industrial Development, Industrial Development Board, the Sri Lanka Footwear Manufacturers Association and the Lankaputra Development Bank.

Applications for loans by members of the Footwear Manufacturers Association should be submitted along with the recommendations of the Ministry of Industrial Development.

The Industrial Development Board will make available the required technical know-how. Lankaputra Development Bank will provide the finances to the successful ventures.

Loans disbursed under the scheme are subject to a ceiling of Rs.500,000 with a grace period of three months for loan repayments. The monies thus provided should be used to obtain the raw materials and machinery for the manufacture of footwear.

The Bank will monitor the utilisation and the successful operation of the venture concerned.

The local footwear industry has created around 50,000 direct and incidental job opportunities with the industry concentrated on the Colombo district.