The Ministry of Finance has announced that solutions have been introduced to address key challenges faced by small and medium-sized enterprises (SMEs) that have defaulted on loan payments, extending up to the third phase of loan restructuring.
Speaking on the matter, Deputy Minister of Finance, Dr. Harshana Suriyaapperuma, stated that under existing banking regulations, individuals who have defaulted up to this stage will continue to be classified as defaulters, making them ineligible for new loan applications.
However, under the new solution, SME defaulters will now be able to apply for additional loans, provided they obtain recommendations from the Institute of Chartered Accountants of Sri Lanka and the Ministry of Industries.
Dr. Suriyaapperuma further assured that the Rs. 5 billion allocation from this year’s budget for SMEs will be distributed without obstacles under this framework.
The Deputy Minister urged SME loan defaulters to actively engage with relevant institutions to secure recommendations. A priority list will be prepared to ensure that the allocated funds are disbursed within the next nine months, aiming to support economic growth and recovery.
