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Lowest Rates Enterprise Loan Schemes for Entrepreneurs in Sri Lanka 2019.

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After the huge achievement of Enterprise Sri Lanka loan scheme that had been publicized in 2017 and 2018 budgets plan. Now under the Enterprise Sri Lanka loan program Sri Lankan Government has planned to grant eight new loan schemes that intent to approximately create one hundred thousand entrepreneurs in Sri Lanka within a year.

Under this loans schemes many self-employed people, small or medium size entrepreneurs and women entrepreneurs have been registered for several loans up to 65 billion through Government and private banks. Self-employed individuals, farmers and even the journalists are given chance to obtain interest free loans.

The Enterprise Sri Lanka loan schemes provide attractive and flexible concessionary funding to encourage the entrepreneurs to do more investment and expansion in the country, the entrepreneurs can obtain a loan amount from 50,000 to 750 million.

Let's have a look at each loan categories that newly introduced for the entrepreneurs in Sri Lanka.


1. “Ran Aswenna” Loan Scheme

“Ran Aswenna” Loan Scheme is executed with the goal to improve productivity in the agriculture industry and assisting commercialization. Loans are granted for the farmers, farmer societies, and agro processing institutions. Under this loan scheme there is an introduction of modern technologies that is necessary to increase the productivity, an establishment of commercially functioned large scale farms by the private division entrepreneurs on contract with farmers, construction of state of art paddy storages by the vendors of the rice mills, development of businesses of the fish farming entrepreneurs and decorative plant gardeners Amenities have been organized.

The Loans granted through Bank of Ceylon, National Savings Bank, Peoples’ Bank, Hatton National Bank, Commercial Bank, Sampath Bank, Regional Development Bank, and Lankaputhra Development Bank. Under this loan arrangement maximum loan amount of 750 million could be obtained. Since 50% of the interest is paid by the Sri Lankan government the interest rate to be paid by the debtor is 6.54% as per the recent interest rates.

2. “Govi Navoda” Loan Scheme

“Govi Navoda” Loan Scheme is executed with the goal to automate the small scale farmers, over the promotion of application of machinery in planting, budding, weeding, harvesting and formulating agricultural lands. Thus economically empower the farmers by increasing reap and reducing the fabrication cost. Under this loan scheme, maximum loan amount of Rs. 500,000 can be obtain by small scale farmers and farmers’ association.
The Loans granted through Bank of Ceylon, National Savings Bank, Peoples’ Bank, Hatton National Bank, Commercial Bank, Sampath Bank, Regional Development Bank, and Lankaputhra Development Bank. As the 75% of the interest is paid by the Sri Lankan government, the interest rate to be paid by the debtor who obtains the loan is 3.27%.

3. “Riya Shakthi” Loan Scheme

“Riya Shakthi” Loan Scheme is executed to encourage school services van owners to move to at least 28 seating facility buses. Through this loan scheme government intent to provide safer school transport service to the school going children and it is expected to generate more effective and safer school transport facility in the island. Two chief public banks granted this loan one is Bank of Ceylon and the other one is Peoples’ bank. A school service van owner can obtain 4 million loans under this loan scheme. Since the Sri Lankan government pays the 75% of the interest, the debtor only need to pay is 3.27% interest.

4. “Rivi Bala Savi” Loan Scheme

“Rivi Bala Savi” Loan Scheme is executed to changing every housing unit as a solar unit under the “SOLAR SUPPLY” programme of Sri Lankan government. The house landlords can stream their energy necessity at a lesser cost while making an extra income by vending the solar energy produced in their houses. Under this loan scheme Sri Lankan government anticipated to transform 1,000,000 housing divisions into solar power units. A house owner can obtain maximum amount of 350,000 loan and the debtor need to 6% interest. The Loans granted through Bank of Ceylon, National Savings Bank, Peoples’ Bank, Hatton National Bank, Commercial Bank, Sampath Bank, Regional Development Bank, and Lankaputhra Development Bank.

5. “Diri Saviya” Loan Scheme

“Diri Saviya” Loan Scheme is executed to offer 15,000 deep freezers to allotting qualitative poultry goods throughout the nation in order to improve the healthy nutrition level of the rural citizens and to boost qualitative storing amenities amid the new poultry products merchants, this initiative will help to reduce the stock loss and increase the amount of revenue. Therefore, government decided to deliver 15,000 deep freezers to self-employees.
Two chief public banks granted this loan one is Bank of Ceylon and the other one is Peoples’ bank. A poultry products merchant can obtain maximum amount 50,000 loan for a deep freezer. Sri Lanka government will cover the entire loan interest.

6. “Jaya Isura” Loan Scheme

“Jaya Isura” Loan Scheme is executed to empower the small and medium scale enterprises including fisheries, agriculture, livestock, horticulture, light engineering, floriculture, printing, information technology, handicrafts, tourism, garments, and production manufacturing according to their trade revenue. It will also rise the number of job opportunities in the country.

Therefore, small entrepreneurs involve in the above arenas and whose yearly revenue is from 25 million to 250 million LKR and have 10-50 of staffs in their company can get a maximum loan amount of 50 million LKR. If these entrepreneurs involve in export business they can get a maximum loan amount up to 100 million. As the 50% of the interest is paid by the Sri Lankan government the interest rate to be paid by the debtor who obtains the loan is 6.54%.

Consequently, entrepreneurs whose yearly revenue are from 250 million to 750 million LKR and have 51-100 numbers of staffs in their company can get a maximum loan amount of 200 millionLKR. If these entrepreneurs involve in export businesses they can get a maximum loan amount up to 400 million LKR. As the 25% of the interest rate is paid by the Sri Lankan government the interest to be paid by the debtor who gets the loan is 9.81%.

The Loans granted through Bank of Ceylon, National Savings Bank, Peoples’ Bank, Hatton National Bank, Commercial Bank, Sampath Bank, Regional Development Bank, and Lankaputhra Development Bank.

7. “Madya Aruna” Loan Scheme

“Madya Aruna” Loan Scheme is loan granted to journalist. The interest free loan amount of Rs. 300,000 is given to registered journalist and media persons who ensue their responsibilities with difficulties. A loan amount of Rs. 150,000 is offered on 6.5% interest rate for the amendment of media gears. The Loans are granted by Peoples Bank. The Sri Lankan government has allotted 25 million for this purpose.

8. “Soduru Piyasa” Loan Scheme

“Soduru Piyasa” Loan Scheme is executed with the goal to grant loans to the people who have already started construction of a house but struggle to complete it and to the individuals who want to develop their house less than 750 square feet. This loan is granted by the National Savings Bank and the maximum loan volume of Rs. 200,000 will be offered to a family. 50% of the interest rate is waged by the Sri Lankan government and the interest to be paid by the debtor who gets the loan is 6.54%.


Conclusion

The Sri Lankan Government has granted these eight new loan schemes economic amenities to enhance the entrepreneurship ecosystem in the country and aim to create more job opportunities in the nation. Almost Rs.81 billion of loans has already been permitted under the loan scheme and Rs.55 billion has been approved as loans by the government and private banks. Hope this newly introduced Enterprise Sri Lanka loan scheme help us to improve the economy of the country.

Guys, what do you think about this Enterprise Sri Lanka loan schemes? Let me know your opinions in the comments below.

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