Government agreed to raise credit limits for flood-affected entrepreneurs

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BANGKOK, 1 August 2012  – The government is ready to raise credit limits for business operators who have been hit hard by last year’s severe flood crisis. 

Industry Minister M.R.Phongsawat Svastiwat said that the government’s Economic Affairs Screening Committee, which is chaired by Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong, has approved the revision of the state-sponsored soft loan program for flood-hit entrepreneurs.

The review, especially for the 100-billion-baht budget allocated for SME operators, resulted in the increase of each borrower’s credit limit from 10 million baht to 30 million baht.

M.R.Phongsawat expects an increase in the number of flood-hit SME borrowers from the current 25 percent of all operators, after the revision has been made.

In addition, the Economic Affairs Screening Committee also agreed to extend the loan application period for SME borrowers from October 31st to December 31st, 2012. The resolution will accordingly be submitted for Cabinet approval, said the Industry Minister.