The Central Bank of Sri Lanka (CB) has approved 22,306 loans amounting to Rs. 60,250 million under the Saubagya COVID-19 renaissance facility as of July 10 with the approval given for 2,066 new loans, amounting to Rs. 6,978 million during the week ending July 10.
The licensed banks had already disbursed Rs. 30,528 million among 13,333 borrowers island-wide as of July 9, the CB said in a media release.
The CB, in consultation with the Government, introduced the Saubagya COVID-19 Renaissance Loan Scheme to provide working capital loans at 4 per cent (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 under the above loan scheme to respective banks until 31st August 2020,” the release said.
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