People’s Bank offers 6% interest loans to SMEs

• Allocates Rs.15bn for this purpose

In line with the government’s development programme and with the aim of uplifting the small and medium businesses adversely affected by the COVID-19 pandemic, People’s Bank has introduced a special loan scheme with an interest rate of just 6 percent. The bank has allocated Rs.15 billion for this purpose.

People’s Bank has come forward to bear the responsibility of providing much-needed financial solutions to industries that have been adversely affected by the COVID crisis so that they can move towards a rapid economic recovery.

As a result, in accordance with the clear guidelines and direction of the government, the Chairman and the board of directors together with the management of the bank have made arrangements to introduce a number of new loan schemes, with many offering single-digit interest rates, to bring financial relief to the various industries that have been affected.

People’s Bank introduced this loan scheme to provide loans to businesses in parallel with the ‘Saubagya COVID-19 Renaissance Facility’ of the Central Bank of Sri Lanka (CBSL).

Companies involved in manufacturing, agriculture, small industries, information technology, tourism, tea and logistics are all eligible to obtain these loans. The scheme offers up to a maximum of Rs.10 million with 3-year repayment period.

People’s Bank has made arrangements to disburse these loans through its island wide network of 
737 branches.