Sri Lankan SMEs to get loans without collateral from Malaysian firm
COLOMBO, Nov 20, 2014 (EconomyNext) – SME Factors Sdn Bhd of Malaysia, which is in the business of financing small and medium enterprises (SMEs), plans to start operations in Sri Lanka.
SME Factors says it will work with local agencies to find potential SME firms to provide non-collateral loans and also adopt a much speedier loan approval process, the Ceylon Chamber of Commerce said in a statement Thursday.
The chamber held talks with a visiting team from SME Factors on a due diligence process to set up operations in the country.
The firm, which is planning an initial capital infusion and loan funding of 400 million rupees, met with public and private sector officials to explain their Sri Lanka plan.
SME Factors is planning to launch in Sri Lanka in January 2015 in collaboration with a local party.