CA Sri Lanka Launches Multi-Pronged Initiatives to Power SME Sector

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 on Monday, 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 Mr. Tishan Subasinghe, Vice President and Chairperson of the CA SME Connect Committee Ms. Anoji de Silva, Alternate Chairperson Mr. Saman Srilal, Members of the Council, CEO Ms. Lakmali Priyangika, and CSE CEO Mr. 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.

The framework comprises two components: the Creditworthiness Rating System, a structured model evaluating SMEs on financial performance, governance, and operational indicators to enable standardised credit profiles for lenders and investors; and the Application Guidelines, which set out eligibility criteria, documentation requirements, and the assessment process. Together, they are designed to provide financial institutions with a consistent risk assessment tool while helping SMEs understand and improve their financial standing. The Framework’s scalable design allows both micro-enterprises and high-growth start-ups to benefit.

Speaking at the launch, Mr. 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,” he 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.

Ms. 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. Beyond improving access to finance, it is designed to help high-potential SMEs strengthen their financial credibility, scale sustainably, and compete with confidence in regional and global 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.