Boost for new entrepreneurs

Published : 12:04 am  June 26, 2018 | No comments so far |  | 

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  • A new loan scheme without guarantors
  • Up to Rs.750 Mn at 6.75% per annum

 

 

By Sandun A Jayasekera

The government intends injecting Rs.5 billion to the economy annually from this year up to 2020 to build up some 10,000 small, middle and top level entrepreneurs through the newly-introduced ‘Entrepreneurs Paradise Loan Scheme – Enterprise Sri Lanka’,  Finance Ministry Secretary Dr. R.H.S. Samaratunga said yesterday. 

He told Daily Mirror that this novel product aimed at doubling the export income, the family income of the rural sector in particular and creating 250,000 new jobs in the next three years.   


“There are a few new features in this loan scheme introduced by the State Banks — the Bank of Ceylon, the Peoples Bank, the National Savings Bank and the Rural Development Bank. To obtain a loan under this scheme, the applicant has to submit a comprehensive project report that would ensure the production of a value-added high quality product or service, marketable locally and globally. The project must also generate employment.  If you have a good business brain and desire to stand on your own feet using your own skills and abilities this is a good opportunity to make use of what is being offered,” Dr. Samaratunga said.   

 

  • It is unbelievable to obtain Rs.750 mn at an interest rate of 6.75% per annum or some .05% a month
  • Registered media personnel under the DG of Information can get up to Rs.300,000 on zero interest


Untitled-5He said this novel loan scheme would help educated rural youth to use their minds creatively without going after politicians for jobs.   


“It is unbelievable to obtain Rs.750 million at an interest rate of 6.75% per annum or little over .05% a month without a guarantor. You need only a determination to succeed , genuine desire to make a new product or service that will have a competitive edge,” he added.   


The annual interest rate for loans ranging from Rs.150,000 to Rs.750 million for new entrepreneurs or to develop a functional enterprises range from 3.38% to 10.12%. The rest is paid by the government up to 13.5%.   


Registered media personnel under the Director General of Information can obtain a loan of up to Rs.300,000 on zero interest and the entire interest is paid by the government.   

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