Sri Lanka Brodcasting Corporation

Sun11182018

Last updateSat, 17 Nov 2018 9am

Business News

Attention has been focused upon ways of providing young entrepreneurs with loans without the necessity to meet collateral requirements.

At a recently held meeting of the CEOs of the commercial banks operating in Sri Lanka, Governor of the Central Bank, Dr Indrajit Kumaraswamy drew attention to the difficulties potential young entrepreneurs who undergo vocational training face, when obtaining loans from formal banking institutions to commence or improve their businesses. This is due to their inability to meet collateral requirements.

Dr Kumaraswamy observed that these young entrepreneurs have been brave and venturesome to start enterprises on their own initiatives, without any State handouts or tax concessions, and have successfully survived the first crucial years in which usually the mortality of small and micro enterprises is very high.
They now need access to funds to expand.

He requested bank CEOs to look into ways of granting small loans, without collateral, to those who have National Vocational Qualifications, so that they can purchase machinery and equipment and improve their businesses. He hinted that these are Sri Lanka’s potential future tycoons.

Local News