BANGKOK (NNT) – Thailand’s Commerce Ministry has launched a loan matching scheme for export-orientated small and medium-sized enterprises (SMEs), which are facing tight liquidity because of the COVID-19 pandemic.
Commerce Minister Jurin Laksanavisit said the ministry is working with the Export-Import Bank of Thailand (Exim Bank) and the Thai Credit Guarantee Corporation (TCG), to help small-scale exporters to access soft loans and increase their income from exports.
He said exporters who generate income for the country are not only big operators but also small-scale ones, who are part of supply chains, adding that there are about three million SMEs in the country and 30,000 of them are small-scale SMEs.
According to Mr. Jurin, the scheme offers loans worth 2.5 billion baht with special conditions. The interest rate is 3.99% per year, lower than the regular 6.5%, and collateral is not required. The loan applications will only take seven days to process, instead of the usual 30. In addition, the Exim Bank will offer free insurance for their first shipment and provide training on exporting.