Thailand’s Government Savings Bank (GSB) plans to launch a soft loan package next month, worth 5 billion baht, to help the unemployed, aiming to create 100,000 jobs.
GSB president and chief executive Vitai Ratanakorn said the bank plans to offer soft loans in the range of 30,000-100,000 baht per borrower, depending on their investment plans. Loan targets include people laid off after companies or factories closed as a result of the prolonged COVID-19 pandemic.
He said, to qualify for the loan, borrowers must take part in GSB’s career training courses, such as for barbers or electricians. Once borrowers have sustainable income, they should be able to repay the loan to the bank.
Mr. Vitai said the GSB has asked the Finance Ministry to consider subsidizing non-performing loans under this program, as financial institutions do not typically lend to the unemployed to avoid the high risk of debt default. (NNT)
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