President Colombo Chamber of Commerce (CCC) Saranga Wijeyarathne called on the government to extend the application period of the proposed SME debt moratorium announced in December.
Wijeyarathne said that the circular for implementation was only released in mid-January and there was confusion with how to apply. He commended the scheme and initiative and said an extension would allow more than the current 100 applicants of his 4000 members to take advantage of the scheme to boost the economy. Wijeyarathne was speaking on 29 January at the Colombo Chamber office on Havelock Road.
Wijeyarathne said that most CCC members were taking loans from finance companies and merchant banks and he called on the government to increase the remit of the scheme to involve these institutions. Wijeyarathne said that he had been informed by the Central Bank that they would indicate to the general public the quantity and sizes of loans that had taken advantage of the scheme shortly.
Wijeyarathne said that there was little public awareness of the scheme. He said that given the credit guarantee offered by the scheme the lending institutions should look to increase loans without seeking collateral. Wijeyarathne commended the initiative to issue working capital to businesses.
Wijeyarathne thanked the President for considering the SME sector and said that the scheme should not fail at the implementation stage.
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