Bangkok: The SME Bank has announced a suspension of installment, principal, and interest payments for six months to aid SMEs and debtors affected by the ongoing unrest on the Thai-Cambodian border. This initiative aims to provide relief and support during a challenging period for businesses in the region.
According to Thai News Agency, Mr. Sittikorn Direksunthon, Director and General Manager of the Small and Medium Enterprise Credit Guarantee Corporation (TCG), participated in a meeting focused on monitoring the assistance measures for those impacted by the border conflict. The meeting was led by Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, highlighting the government's commitment to addressing the financial challenges faced by SMEs.
The SME Bank has introduced several urgent measures to assist SME entrepreneurs and debtors with claims paid, including existing customers in the affected provinces. These measures involve postponing the payment of guarantee fees and management fees by suspending payments for an additional six months from the due date, extending the installment payment suspension for SMEs and debtors engaged in debt restructuring plans who are not in default. Additionally, the bank is enhancing liquidity through the PGS11 loan guarantee project, "SME Bank Sustainable," which encompasses two primary programs.
The programs include the SME Power Trade and Biz loan guarantee program, offering a guarantee limit of 3 billion baht with individual loans ranging from 500,000 to 10 million baht, and the SME Micro Biz loan guarantee program, with a 2 billion baht limit, catering to micro SMEs needing working capital without guarantors or collateral. Both programs provide free guarantee fees for the first three years and low annual payments of 1.5% thereafter, with a guarantee term extending up to seven years.
Mr. Sitthikorn emphasized the bank's proactive approach in monitoring the situation and its impact on the affected area. He stated, "The SME Bank has tasked district offices in affected regions to expedite communication and publicize these relief measures to customers and debtors. The Bank is ready to provide urgent assistance where needed."
SME entrepreneurs, customers, and debtors in affected areas can seek further information and details on participating in these measures through their local district office, the TCG First LINE OA: @tcgfirst, or the SME Bank Call Center at 02-890-9999.