The Soi Khopai Community is struggling to keep its community fund solvent after residents defaulted on loans during the Covid-19 pandemic.
Community President Wirat Joyjinda chaired a neighborhood commission meeting March 15 with Nikom Sangkaew, chairman of the village fund.
Nikom said more than 100 residents who had borrowed money from the central fund were unable to keep up with payments in the past year. They’ve been protected by a debt-repayment moratorium from Government Savings Bank, but that has now expired.
Residents picked up documents to allow them to resume payments while those still struggling financially were encouraged to pay what they can at simply interest payments.
Community members contribute 2,000 baht a year to the central fund, which is used to organize neighborhood events like the upcoming Songkran festival, occupational training courses and anti-drug programs.
The fund is closing the books on 2020, closing previous accounts and allowing people to start fresh and leaving outstanding-balance issues for the future.
The community will collect the 2,000 baht in 500-baht installments four times a year.
