People's Bank offers special loan scheme to CA Sri Lanka affected members

People’s Bank has tied up with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to provide a special relief loan scheme to latter’s members whose revenue has been negatively affected due to the COVID-19 pandemic.

A Memorandum of Understanding (MOU) signifying the partnership was signed and exchanged by M.A Bonniface Silva – Acting Chief Executive Officer/ General Manager, People's Bank and Manil Jayesinghe – President, CA Sri Lanka at an event held at People’s Bank Head Office in Colombo 2 recently, the institution said in a media release.

In order to mitigate the impact, the Government has taken numerous positive steps including introducing several concessions to many industries. With the aim of providing support to the Government's initiatives, the People's Bank introduced this special loan scheme for CA Sri Lanka that goes beyond the concessions given by the Central Bank of Sri Lanka (CB). 

Under this loan scheme, several categories of CA Sri Lanka members are entitled to apply for a loan. These include members employed in the private sector or self-employed as well as accounting firms run by the members of CA Sri Lanka. Firms can utilise the loans for working capital purposes such as to pay salaries and wages while self-employed businesses and individuals can use the funds to supplement income loss caused by the COVID-19 pandemic. The maximum loan amount is Rs. 20 million, the release said.