The Ministry of Industries has announced a new loan initiative aimed at bolstering small businesses in the Nuwara Eliya District.

The scheme offers loans at a concessionary interest rate of five percent, with repayment over a period of 10 years, to help entrepreneurs expand and sustain their operations.  

Assistant Director of the Small Business Development Division, A.G. Bandara, revealed this during an awareness programme held at the Bank of Ceylon branch auditorium in Nuwara Eliya. The programme aimed to educate local small-scale entrepreneurs about the new funding opportunity.  

The loans will be offered at a declining balance interest rate of five percent, specifically targeting industrialists and service providers connected to Nuwara Eliya’s vibrant tourism sector. 

Bandara emphasised that the scheme is part of the government’s broader effort to support entrepreneurs in sectors such as construction, manufacturing, and services areas comprising around 40 percent of the district’s approximately 24,000 businesses, according to the 2016 Census.  

Discussions are underway with the Bank of Ceylon and other financial institutions to implement the scheme, with plans for a wider rollout across several banks.

To qualify, entrepreneurs must be recommended by authorized bodies including the Small Business Development Division, the Industrial Development Board, or the Entrepreneurial Development Authority.  

This initiative aims to provide vital financial support to uplift small businesses and strengthen Nuwara Eliya’s economy, especially in its key tourism and industrial sectors.