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| Sunday, 30 January 2005 |
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Business |  |
| News Business Features Editorial
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People's Bank assists SME's affected by the tsunami People's Bank announced the provision of a special loan facility to help recapitulate micro, small and medium scale enterprises that were affected by the tsunami killer waves. This special loan facility is being provided in collaboration with the Central Bank of Sri Lanka under its "Susahana" tsunami Relief Loan Scheme. Under this scheme People's Bank will grant special loan facilities at a concessionary interest of 6% per annum to micro, small and medium income generating enterprises that have been severed by the tsunami. Micro projects will receive loan facilities up to Rs. 100000 while small & medium enterprises will be granted a maximum of Rs 5 million to resume its business operations. The loan repayment period will vary from 3 to 8 years depending on the nature of the project. This supportive move initiated by People's Bank under the guidance of the Central Bank of Sri Lanka will enable the affected micro, small & medium enterprises to fast track the re-establishment process. The repayment terms have been stretched to accommodate a maximum grace period of 12 months for both capital and interest in order to ensure financial stability of these SME's prior to the repayment of the loan. Business enterprises engaged in Industries, Agriculture, Commercial, Tourism, Fisheries, Transport or Import and Export operations and which have suffered due to the devastation caused by the tsunami are eligible to apply for this loan facility from the nearest People's Bank branch. People's Bank will ensure speedy disbursement of these loan facilities in order to support Sri Lankan entrepreneurs to reestablish themselves and their business enterprises. |
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