Business News: Colombo Chamber of Commerce wishes to thank His Excellency the President’s clarion call is to accelerate the economy, value adds the export drive to support the entry of many more to the export trade.
Many MSME and SME exporters are keen to process export possibilities but reluctant to negotiate export orders due to lack of capital and they give up although the supply line, know-how, and technical understanding are with them. Globally exporters are given support by their respective Governments and even our neighboring country India has sanctioned collateral-free loans running into big figures.
Colombo Chamber of Commerce appeals that in support of the National Export drive Sri Lanka should assist MSME and SME for collateral-free loans upto a cap of Rs 5 million which is based on actual firm orders and export contracts.
This will give an opening to a new breed of exporters and create a new tier and explore markets and clients which our big exporters omit due to lower margins and smaller quantities.
Further, this may open new doors and vistas to value add our economy. Since CBSL has agreed to guarantee 75% hence the banks should apply the President’s ideology of out of the Box thinking and support this crucial sector.”
Colombo Chamber of Commerce lauds the efforts of Your Excellency to accelerate the economy and combat the issues faced particularly by the SME and MSME and your appeal to the Banks to implement “out of the box” approach to overcome and boost the National Export Drive.
Colombo Chamber of Commerce which is working to empower the youth of Sri Lanka appeals to His Excellency the President for intervention to instruct Banks to support the SME and MSME Exporters with Pre-Shipment collateral free loans up to 75% of the value of export order with a maximum cap of Rs 5 million based on actual export orders and firm contracts.
As per Government Directive CBSL has already guaranteed up to 75% of the loans, banks should not have any qualms to act proactively in support of HE President’s National Export Drive by extending collateral free loans.
Colombo Chamber of Commerce and its members will be most grateful if this deserving appeal is granted which is in National Interest to re-boot and boost our economy post Covid-19 Thanking you and once again very much appreciating and in full support of your Excellency’s efforts.
Saranga Wijeyarathne | MBA ( Colombo), B.Sc Marketing (J”pura), MSLIM, FCPM
-Colombo Chamber of Commerce