Industries Ministry steps up efforts to support entrepreneurs 

Tuesday, 14 May 2024 00:00 -     - {{hitsCtrl.values.hits}}

  • Launches program on working capital loan scheme with concessionary interest rate

In a bid to alleviate the ongoing challenges faced by micro, small and medium-scale entrepreneurs (MSMEs) and industrialists amid the economic turmoil triggered by the COVID-19 pandemic and the Easter Sunday attack, the Industries Ministry has announced a comprehensive plan.

To kick start the initiative, the Finance Ministry, upon the recommendations of the Industries Ministry, has devised a working capital loan scheme featuring a concessionary interest rate. The scheme seeks to inject renewed vigour into entrepreneurs and industrialists burdened with non-performing bank loans.

Against this backdrop, the Industries Ministry aims to gather crucial information about entrepreneurs and industrialists to better understand and address their lingering issues, a top official said. 

“For those grappling with non-performing loans (NPLs), the Industries Ministry has streamlined the application process for the working capital loan scheme. Interested parties can access the official website of the Ministry to download the application form,” he added.

Entrepreneurs and industrialists are urged to promptly submit information about their enterprises or industries to the Industries Ministry. 

“This can be done conveniently through the provided QR code or Google Link,” the official said, adding that alternatively, individuals can fill out the form and provide the required details to National Enterprise Development Officials at their respective Divisional Secretariats, Vidatha Officers, or Small Enterprise Development Officers affiliated with nearby Divisional or District Secretaries. Additionally, officials from the Ministry’s Regional Industrial Service Centre or Regional Industrial Development Board are available to assist in this process.

Submissions can be made via email to the Ministry or through the designated officials mentioned earlier.

“Entrepreneurs and industrialists are encouraged to take advantage of these resources to revive their businesses and contribute to economic recovery,” he added.