Secretary to the Ministry of Industries Shantha Weerasinghe said that the seven percent concessionary interest rate loans will be given from this week to those who are unable to maintain their industries and businesses due to various reasons including the Covid-19 pandemic.

He said that this loan scheme, which will be launched by the Ministry of Finance and the Ministry of Industries, is called ‘Re-Energise’.

The Secretary said that any small and medium-scale industry or business that has collapsed or is unable to be maintained will be encouraged to obtain the loan and restore their business.

The special feature of this loan scheme is that people who are blacklisted (CRIB) too could get the loans. Loans up to Rs. 5 million can be obtained under the scheme and settled in five years with a grace period of six months.

Loans will be given on personal guarantees up to Rs. 200,000 and a property collateral must be submitted for loans above that amount.

The final work on the loan scheme was completed last Wednesday and these loans will be provided through 10 State and private banks.

These loans can be applied for through the Regional Development Bank, People’s Bank, Bank of Ceylon, Sampath Bank, Seylan Bank, Commercial Bank, Cargills Bank, Sanasa Development Bank, Hatton National Bank and Nations Trust Bank.

Another aspect of this scheme is that loans up to Rs.15 million can be applied for investment purposes. For that too, the interest rate is seven percent and the repayment period is 10 years with a grace period of one year.

(sundayobserver.lk)

(This story, originally published by sundayobserver.lk has not been edited by SLM staff)