The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) together with the Colombo Stock Exchange (CSE) rolled out a multi-pronged initiative to power the Small and Medium-sized Enterprises (SME) sector, launching the SME Creditworthiness Rating Framework, the SME Connect Awards and the inaugural issue of The Entrepreneur magazine.
At a press conference held at the Institute’s head office in Colombo 7, CA Sri Lanka also unveiled the SME Connect logo, the visual identity for the Institute’s broader SME initiatives.
The press conference was presided by CA Sri Lanka President Tishan Subasinghe, Vice President and Chairperson of the CA SME Connect Committee Anoji de Silva, Alternate Chairperson Saman Srilal, Members of the Council, CEO Lakmali Priyangika and CSE CEO Rajeeva Bandaranaike.
The SME Creditworthiness Rating Framework was developed by CA Sri Lanka in response to a formal request from the Department of Development Finance of the Ministry of Finance in December 2024, which called for a standardised, scalable credit assessment mechanism tailored to Sri Lankan SMEs.
Together, they are designed to provide financial institutions with a consistent risk assessment tool while helping SMEs understand and improve their financial standing.
Tishan Subasinghe said SMEs are the lifeblood of Sri Lanka’s economy but that their growth has been stifled by a lack of transparent, structured access to finance.
“Today’s initiatives are designed to reshape the future of Sri Lanka’s SME sector. They will enable businesses to strengthen their financial credentials, unlock greater access to capital, inspire investor confidence and build the governance and financial discipline needed to graduate from privately held enterprises to publicly listed companies,” Tishan said.
The SME Connect Awards will recognise SMEs that demonstrate exceptional governance, financial discipline, resilience and sustainable growth, setting a benchmark for excellence while fostering a culture of accountability and professionalism across the sector.
Anoji de Silva, said the CA SME Connect Committee was established to build a meaningful bridge between the Institute and the SME sector, addressing long-standing challenges while creating new opportunities for growth. “This initiative addresses a long-standing gap in SME financing by establishing a standardised pathway to improved credit access and future participation in the capital markets,” she said.
CA Sri Lanka will also conduct a series of capacity-building workshops in the coming months, offering practical guidance on credit applications, financial management and investor readiness, while familiarising SMEs with the Framework and its application process.
The launch of The Entrepreneur magazine marks a further step forward, providing a platform to move beyond frameworks and awards into storytelling and engagement by sharing real entrepreneurial journeys and connecting more meaningfully with the SME community.
Source: Daily News