BANGKOK – In an effort to help SMEs have better access to capital, the Thai Credit Guarantee Corporation (TCG) is this year offering credit guarantees of some 150 billion baht in loans taken out by new SMEs from financial institutions, as well as providing a refinance service for SMEs in trouble.
TCG’s President Rak Vorrakitpokatorn announced today the TCG had set a 150 billion baht credit guarantee target to help some 83,500 new SMEs. The figures are based on an extension of the existing SMEs credit guarantee campaign with a 60 billion baht credit limit.
The TCG aims to help SMEs facing financial trouble to refinance, offering them a chance to continue their business activities through an extension of the payback deadline, and payment postponement. These services will, for the first time ever, be offered to clients with an overdue payback record.
SMEs currently holding credit guarantees in the PGS5 and PGS7 campaigns will have their credit guarantee extended for 5 more years, within the 70 billion baht credit limit. There are currently 5,000 TCG clients in both campaigns waiting for approval of their loans, worth some 12.5 billion baht in total.
Since January, the TCG has helped delay the loan payback deadline and refinancing of non-performing loans for 11,400 SMEs, worth 18 billion baht in total. The campaign helps businesses maintain better financial fluidity, by significantly reducing monthly payments, such as from 500,000 baht to 150,000 baht per month.
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