NDB to lend over Rs.16.5 b-worth Saubhagya Loans to businesses affected by COVID-19 

NDB Bank is to disburse over Rs. 16.5 billion worth of funds under the ‘COVID-19 Saubhagya Loan Scheme’ at the rate of 4 per cent p.a. to businesses affected by the pandemic. 
The bank has provided over 11 per cent of the allocated Rs. 150 billion under this scheme by the Central Bank (CB), it said in a media release.
NDB Vice President SME, Middle Markets and Business Banking Indika Ranaweera said: “We have utilised these funds to support the businesses affected by the pandemic, lending more than our market share. We have continued the support we provided to the SMEs for the past four decades, and this stance was only further cemented during their times of need.”
NDB has fully exhausted the funding quota allocated to the bank under Phases I, II and III of the Saubhagya Loan Scheme. 
The CB implemented the Saubhagya loan scheme in April 2020 to support businesses in their post-pandemic recovery which will be granted at 4 per cent per annum to COVID-19 impacted companies up to a maximum limit of Rs. 50 million per company under the three phases to meet immediate working capital requirements. This scheme came to an end on September 30.
Accordingly, NDB has currently received approval from the CB for a total value of over Rs. 16.5 billion. Out of approved loans over Rs. 11 billion loans have so far been disbursed to over 1500 beneficiaries covering all the districts including North and East and the arrangements are being finalized to release the rest of the approved loans in the next couple weeks.