ComBank launches another special loan scheme for COVID-19 affected micro businesses

The Commercial Bank of Ceylon has announced the launch of another loan scheme, this time to assist micro enterprises affected by the COVID-19 pandemic, in a continuing demonstration of the bank’s commitment in supporting Sri Lanka’s post-pandemic economic recovery. 

The second bank-funded loan scheme launched by the country’s top private sector bank in the past month, the ‘Dirishakthi COVID-19 Support Loan’ scheme is designed to meet the working capital requirements and revive operations of businesses whose annual turnover is below Rs.15 million, the bank said in a media release. These loans will be provided for a maximum period of 24 months, at an interest rate of 9% per annum. 

Commenting on the launch of this loan scheme for micro entrepreneurs, Commercial Bank’s Chief Operating Officer Sanath Manatunge said: “The smallest enterprises were among those worst-affected by the pandemic. With these loans, our intention is to revive businesses at the grass roots level. We hope to help secure livelihoods by giving micro entrepreneurs the much needed support to overcome challenges of post COVID-19.” 

Commercial Bank 'Divisaru' Savings Account holders who are micro and small entrepreneurs engaged in any form of livelihood activity and who have not defaulted on payments in any other financial institutions prior to  March 25, 2020 will be eligible to borrow under the ‘Dirishakthi’ Loan Scheme. Furthermore, individuals and registered businesses too can apply for this loan to revive their operations.

Priority status for obtaining a ‘Dirishakthi COVID-19 Support Loan’ will be offered to the bank’s existing micro finance borrowers with a good track record, women connected to micro businesses, and micro borrowers who were not eligible for any other scheme of financial assistance, the bank said.