Ministry of Commerce unveils new loan matching program
Trade Minister Jurin Laksanawisit, center, attends a press conference to promote access to loans to help SMEs and micro-SMEs have more liquidity for exports.
The Ministry of Commerce yesterday launched a loan matching program for export-oriented small and medium-sized enterprises (SMEs) facing limited cash flow due to the Covid-19 pandemic.
Speaking after chairing the launch, Minister of Commerce Jurin Laksanawisit said that the program, in which the Ministry of Commerce has partnered with the Import-Export Bank of Thailand (Exim Bank) and Thai Credit Guarantee Corporation (TCG), will help exporters to access soft loans and increase their export income.
Currently, there are around three million SMEs in the country and 30,000 of them are SMEs.
“The exporters who generate income for the country are not only large operators, but also small operators who engage in supply chains,” Jurin said.
“These exporters have recently faced many challenges, whether in production, processing, innovation or marketing. However, the most important problem is the inability to raise new capital in the current environment. [Covid-19] crisis.”
According to Jurin, the program offers loans worth 2.5 billion baht on special terms. The interest rate is 3.99% per annum, lower than the standard rate of 6.5% and no collateral is required.
Loan applications will only take seven days instead of the usual 30 days.
In addition, he said, for applicants who get loan approvals, Exim Bank Bank will offer free insurance fees for their first shipment and provide export knowledge training.
The loan-matching project is the second of its kind after the ministry last month partnered with six financial institutions to organize a loan-matching program for restaurants that sell food through online delivery platforms. in order to help them easily access subsidized loans.
The six financial institutions were the Small and Medium Enterprise Development Bank of Thailand, the Krungthai Bank, the Government Savings Bank, the Islamic Bank of Thailand, the Bank for Agriculture and Agricultural Cooperatives, and the Thai Guarantee Company. credit.
At least 15,000 restaurants have applied for loans which are under review.