CB approves Rs.60bn in loans for COVID-hit biz

• Approval given for 2, 066 new loans amounting to Rs.7 bn during the week ended yesterday 
• Banks had disbursed Rs.30.5 bn among 13, 333 borrowers island wide as of July 9
• Loan scheme available for businesses with annual turnover below Rs.1 bn
• Rs.1 bn limit won’t apply to biz engaged in tourism, exports and related logistical supplies
• COVID-19 affected businesses and individuals can submit loan applications until Aug. 31

The Central Bank of Sri Lanka (CBSL) had approved 22,306 loans amounting to Rs. 60, 250 million under the Saubagya COVID-19 renaissance facility as of yesterday with approval given for 2,066 new loans, amounting to Rs. 6,978 million during the week ended July 10, 2020. 

The licensed banks had already disbursed Rs.30, 528 million among 13,333 borrowers island wide as of July 9, 2020. 

The CBSL, in consultation with the Government of Sri Lanka, has introduced the Saubagya COVID-19 Renaissance Loan Scheme to provide working capital loans at 4 percent (p.a.) interest rate to businesses adversely affected by the COVID-19 outbreak, through licensed banks, thereby supporting the revival of economic activity in the country. 

This loan scheme is available for COVID-19 affected businesses with an annual turnover below Rs.1 billion, including self-employment and individuals. 

The Rs.1 billion limit of annual turnover will not be applicable to businesses engaged in tourism, exports and related logistical supplies. 

COVID-19 affected businesses and individuals can submit their loan applications for the Saubagya Covid-19 Renaissance Loan Scheme to the respective banks until August 31, 2020.