CCC seeks bank support for SME and MSME exporters with pre-shipment collateral-free loans
Sri Lanka’s predominant business chamber, the Colombo Chamber of Commerce (CCC), has reportedly appealed to the President for intervention to instruct banks to support the SME and MSME exporters with pre-shipment collateral-free loans up to 75% of the value of export order with a maximum cap of Rs. 5 million based on actual export orders and firm contracts.
Addressing a letter to the President, the Chamber has said that as per the government directive, the Central Bank of Sri Lanka (CBSL) has already guaranteed up to 75% of the loans, banks should not have any qualms to act proactively in support of the President’s National Export Drive.
“Colombo Chamber of Commerce and its members will be most grateful if this deserving appeal is granted which is in National Interest to re-boot and boost our economy post-Covid-19,” the statement issued by the CCC on the request to the President has stated.
OSL take:
The government of Sri Lanka has already introduced an economic relief package to assist the country’s business sector. However, Sri Lanka’s SME and MSME sectors are fast emerging as the engine of economic growth in the country as it is on the path to economic revival following a nearly two month long closure due to the Covid 19 global pandemic. Therefore, the request by the CCC from the banks made through the President would help expand the business activities of Sri Lanka’s SME and MSME sectors creating a host of new business/investment opportunities.
| Article Code : | VBS/AT/21052020/Z_4 |