New fund for SMEs to be injected in October

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BANGKOK, 24 September 2015 -The Ministry of Industry is expected to spend 2.5 billion baht helping small and medium enterprises (SMEs) to get back on their feet.

Industry Minister Atchaka Sriboonrueng said the new spending would aim to help SMEs lower their production costs and strengthen their businesses. 

The Ministry of Industry is collaborating with other government units in drawing up respective work plans to boost the SME sector. The ministry has already reached a conclusion that it will ask for 2.5 billion baht from the Fiscal 2016 budget to finance the project. The work plans of all ministries will be urgently compiled and proposed to the cabinet for consideration next week.

According to the Industry Minister, the injection will start in October at the earliest after the cabinet has given it the green light. More commercial banks are also expected to be persuaded to join the effort.

They will be asked to set up a one stop service for SMEs as a way to provide access to capital funds. SME owners are advised to enter their information on an online registration system in order to receive government support.