Thailand to set up fund to help small businesses

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Deputy Prime Minister Somkid Jatusripitak (center).
Deputy Prime Minister Somkid Jatusripitak (center).

BANGKOK– Many small businesses are affected by the coronavirus outbreak and lacking access to financial sources. In a meeting of economic ministers and the Bank of Thailand on Thursday, Deputy Prime Minister Somkid Jatusripitak said that he instructed the Finance Ministry to finalize the plan to support small businesses.



Finance Minister Uttama Savayanaya said that the fund might be worth up to 100 billion baht allocated from the 400-billion-baht emergency loan for COVID-19.

Eligibility verification could be tricky, he said, because many small businesses had no financial records.  Officials might have to survey their actual locations in order to approve their eligibility.

Uttama also revealed that the Ministry planned to announce its GDP forecast on Monday which would definitely shrink due to COVID-19. (TNA)