Press briefing of Cabinet Decision taken on 2016-03-09

Implementation of Small and Micro Industries Leader and Entrepreneur Promotion Project - SMILE III - Revolving Fund Loan Scheme

- Granting loans to small and medium size entrepreneurs including those who engaged in the production of import substitutes, value added goods and goods produced using modern technology for the export market, with a view to uplifting high yielding industries within macro-economic framework of the Government and to all those small and medium size industrialists who are not covered by other loan schemes, is undertaken by the above Loan Scheme. As per the requests made by the small and medium industrial entrepreneurs, who are the recipient beneficiaries of this loan scheme and the participating loan institutions who implement this loan scheme, the proposal made by Hon. Rishad Bathiudeen, the Minister of Industry and Commerce, to increase the maximum subsidiary loan limit up to Rs.25 million, provided under the present General Loan Scheme and to increase the re-financing ratio for the subsidiary Loans provided to the participating credit institutions, by the Government, up to 100%, was approved by the Cabinet.