VC for SMEs
The Ministry of Industries and Entrepreneurship is looking to set up a venture capital fund for small and medium enterprises (SMEs) in certain sectors.
“It will be a purpose-driven fund for some industries,” Chathuranga Abeysinghe, Deputy Minister of Industries and Entrepreneurship Development said.
A panellist at the ‘Plan for Economy Transformation’ concluding session of the Sri Lanka Economic Summit organised by the Ceylon Chamber of Commerce, he said that the ministry will also come up with a performance rating for SMEs. He added that it will be a measurement framework for these entrepreneurs.
Noting that the ministry will be trying to get seed funding for such entrepreneurs, he said there are several initiatives in this regard.
“We are trying to create a consortium to develop SMEs. We are trying to get certain banks such as the People’s Bank, National Savings Bank and Regional Development Banks on board for this purpose.” The entrepreneurs will be eligible to seed funding without collateral. This will be a collateral-free startup loan facility.
There is a plan to start a credit guarantee scheme as well. An advisory committee will be established for SME funding issues.
Mr. Abeysinghe also noted that more than 90 per cent of SME-categorised businesses earn below Rs. 90 million annually. Noting that most businesses are lifestyle ones, he said it is important to recognise the SME as opposed to such lifestyle ventures.
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