The Colombo Chamber of Commerce has requested President Gotabaya Rajapaksa to extend the moratorium provided to local SMEs from loans obtained from licensed banks to finance companies as well.
“The upper limit cap should be restricted to Rs. 3 million to ensure that the finance companies are not overexposed in supporting the lower tier of SMEs,” said Ceylon Chamber of Commerce President Saranga Wijeyarathne in a press release.
The lower tier of the SMEs has obtained loans from finance companies as the scheduled banks insist on heavy collaterals, he said.
He added that while there was mention that the Circular No.1 of 2020 dated 13 January 2020 applied to all financial institutions and includes the finance companies, the formal circular covers only the licensed banking sector.
“This will inject, infuse, and ignite the passion and entrepreneur skills of Sri Lankans to reach the upper echelons and improve the quality of life, infrastructure, and broaden the horizons of our motherland,” Wijeyarathne said.Colombo Chamber wants moratorium for finance company loans too
26 Jan 2020
Colombo Chamber wants moratorium for finance company loans too
26 Jan 2020
The Colombo Chamber of Commerce has requested President Gotabaya Rajapaksa to extend the moratorium provided to local SMEs from loans obtained from licensed banks to finance companies as well.
“The upper limit cap should be restricted to Rs. 3 million to ensure that the finance companies are not overexposed in supporting the lower tier of SMEs,” said Ceylon Chamber of Commerce President Saranga Wijeyarathne in a press release.
The lower tier of the SMEs has obtained loans from finance companies as the scheduled banks insist on heavy collaterals, he said.
He added that while there was mention that the Circular No.1 of 2020 dated 13 January 2020 applied to all financial institutions and includes the finance companies, the formal circular covers only the licensed banking sector.
“This will inject, infuse, and ignite the passion and entrepreneur skills of Sri Lankans to reach the upper echelons and improve the quality of life, infrastructure, and broaden the horizons of our motherland,” Wijeyarathne said.Kapruka
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!