A program to provide loans without collateral for small and medium-sized businesses has been initiated, says Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe.
“We will present another relief process for local small and medium-sized businesses that have been hit by this law within the next two weeks. Among them, about 20,000 small and medium-sized businesses that are currently in crisis are discussing with banks and hoping that the Ministry of Industry and Entrepreneurship Development will take them forward.
It was also said that there is no way to get a loan. The Credit Guarantee Organization has already started this year. That is, a loan protection program. Then, if someone does not have collateral, but wants to get a loan, any sector can join hands with their bank and get 60% coverage from this Credit Guarantee Organization. Then they will be able to get a loan without collateral.
It is also that we have talked to several banks and have gone through that organized program through the Ministry of Industry to go up to 1 million as initial capital without collateral. “The necessary program is being prepared to provide an initial capital of 1 million rupees to the upcoming entrepreneurs without collateral and push them beyond that.”
He said this while participating in the Budget Committee debate.