SME Bank unveils policies to aid flood-hit businesses

Thailand's Small and Medium Enterprise Development Bank (SME Bank) has unveiled policies to help businesses affected by the current floods, including debt relief and special interest loans that can be obtained through its mobile banking application.

SME Bank President Mongkon Leelatham revealed that debt relief measures include a temporary moratorium on principal payments and interest for up to six months for fixed-term loans, as well as working capital promissory notes.

The bank has also prepared emergency loans for the purpose of rehabilitating businesses that have suffered flood damage. Existing SME Bank clients will be provided with a loan period of up to five years without having to repay the principal amount for up to one year. Current borrowers of up to one million baht will be able to borrow up to an additional 500,000 baht, while borrowers of up to five million baht will be eligible for an additional loan of up to two million baht. The loans will charge an annual interest rate of 4.99% and will consider existing collateral.

For SMEs in need of capital after the disaster, the bank has prepared measures such as a seven-year loan with a 3% interest rate fixed for three years and a seven-year loan for juristic persons with a 1% interest rate throughout, with no payments on the principal amount required for the first three years. Applicants can borrow up to one million baht.

For convenience, the bank has launched the SME D Bank mobile application for businesses to apply for loans online and obtain approval within seven days.

Information and Source
Reporter : Benjamin Rujopakarn
Rewriter : Rodney McNeil
National News Bureau & Public Relations : http://thainews.prd.go.th

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