'Easy credit for SMEs, the need of the hour'

By Gamini Warushamana

Small and Medium Industries (SMIs) need credit at lower rates, between 10 -12 percent. The prevailing rates of 16-18 percent are not affordable, said the president of the Sri Lanka Chamber of Small and Medium Industries (SLCSMI), Aloy Jayawardena at a conference in Colombo to record Industrial Excellence Awards 2013 and record the 50th anniversary of the Chamber.

Jayawardena said that on several occasions the Chamber called upon the authorities to provide easy credit for SMIs and the Government agreed but so far there has been no practical action.

Meanwhile, Union Bank has come forward to support the Industrial Excellence Awards 2013 as principal sponsor.

This is the eighth event of the annual events organised to recognise outstanding performance and success of small and medium industries. This year the Awards ceremony will be held in May. Applications are now available exclusively at all Union Bank branches.

Jayawardena said that the 8th Industrial Excellence Awards coincides with the 50th anniversary of the SLCSMI. This year it turns out to be an international event with the participation of SMIs from the Maldives and Nepal.

“The Chamber has grown from strength to strength, during the last 50 years and we are supported and driven by a number of reputed industrialists. We are proud to have Union Bank as the principal sponsor on this historic 50th anniversary of the chamber and excellence award 2013”, he said. The Small Industries Association was set up in1963 and was later incorporated as the SLCSMI. At the beginning the focus of the Association was on industries in and around Colombo. However, over 70 percent of SMIs were in rural areas.

In 2006 a task force was appointed and a white paper was drawn up to take action to set up district network with rural SMIs. Today we have around 300 members in the Chamber, Jayawardena said.

The CEO of Union Bank, Anil Amarasuriya said that this event is another opportunity for SMIs to demonstrate their business success. “SMIs play a greater role in the economy and we are pleased to partner the SLCSMI to sponsor this year Industrial Excellence Awards. This partnership further demonstrates our continued and growing commitment to support the SME sector”, he said.