Sri Lanka Podujana Peramuna (SLPP) MP Namal Rajapaksa has asked President and Finance Minister Anura Kumara Dissanayake to include a second-chance business loan scheme in the 2027 Budget.
In a letter to the President, Rajapaksa said borrowers who have fully repaid past loans still struggle to obtain new credit because of their records with the Credit Information Bureau (CRIB). He said repaid loans can stay on file for up to five years, although CRIB does not blacklist anyone.
He proposed five measures, including updating CRIB records within five working days of full repayment and marking settled loans as “Fully Settled/Closed”. He also called for guidelines requiring banks to consider an applicant’s current income and repayment capacity, and for a review of how long credit history is kept.
Rajapaksa cited Malaysia’s Central Credit Reference Information System, which he said mainly reflects repayment histories for the previous 12 months.
The scheme would help micro, small and medium-sized enterprises that have cleared their debts to restart, he said. For borrowers and small business owners in Sri Lanka, the proposal concerns how easily they can get new loans.
The 2027 Budget is yet to be presented.
