FINANCIAL CHRONICLE – The Ministry of Industries in Sri Lanka has urged business owners to connect with regional development officers and circumvent “uncooperative” bank branches in order to access a subsidized credit facility amounting to 95 billion rupees.
Chaturanga Abeysinghe, the Deputy Minister of Industries and Entrepreneurship Development, expressed on social media that certain bank branches are dissuading applicants to safeguard their profit margins. He noted, “Some branches focus on boosting their individual profits.” He further pointed out that these branches often steer clients towards their own high-interest internal loan schemes rather than promoting the government-subsidized alternatives.
Abeysinghe highlighted that common reasons cited by bank officials for hindering applications include claims of exhausted quotas or lengthy approval processes. However, he reassured that once a bank submits a recommendation, the Finance Ministry typically responds within a two-week timeframe.
“While some officials may pose challenges, staying informed can help you navigate the process. If you encounter refusals, it is advisable to promptly consult the Industrial and Entrepreneurship Officers in your locality,” Abeysinghe advised.
He also mentioned that major private banks such as Commercial Bank, Hatton National Bank (HNB), and NDB Bank have reached their quota limits due to high demand. The Finance Ministry is anticipated to provide additional funding to these banks in the upcoming quarter.
