A special credit support scheme for Small and Medium scale Entrepreneurs

Colombo (News 1st): The Cabinet has also decided to introduce a special credit support scheme for small and medium scale entrepreneurs. Speaking regarding this, Minister Bandula Gunawardena noted that this concessionary loan scheme will be valid for the period until the 31st of December this year. He added that under the scheme all land auctions and filing of legal action at all banks will be halted for a year. He went onto note;

"Legal action will not be filed during the course of this year. Special provisions have been formulated to cut off fines imposed on all business institutions that have not been able to pay off their loans and entered into the CRIB. Special provisions have also been formulated to provide a concessionary period of these businesses to pay back their loans and to provide additional loans to them. These concessions will be allowed for loans of up to Rs. 300 million. Single-digit interest will increase a little to 10% for loans of up to Rs. 300 million. Provisions have been made to provide additional loans to expand businesses during this year."