Entrepreneurs facing business closure: FCIK

Federation Chamber of Industries Kashmir (FCIK) has said the entrepreneurs are facing closure of business establishment as they are not able to make the loan repayments.

According to statement by FCIK Secretary General Ovees Qadir Jamie,  the deferring of instalments and restructuring repayments is not the solution for business rather it is overburdening the business enterprises.

   

“The rehabilitation package for disturbance of 2019 and Guaranteed Emergency Credit Line (GECL) provided by the banks are over and the interest and instalments have been deducted from the borrowers. Both the schemes have proved burden on the business establishments as the business income are falling but the repayments and Interest are piling up,” said FCIK.

“A single account has turned into a multi-account now, as there are number of additional Working Capital Term Loan Accounts (WCTL ) provided from time to time,” said the statement.

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