Bangkok Bank earmarks over $560m for SME loan program

It aims to help Thai SMEs either expand to foreign markets or assist those still impacted by COVID-19.

Bangkok Bank has launched the Bualuang Transformation Loan program, with the aim of supporting Thailand's small and medium enterprises (SMEs) sector's expansion to foreign markets.

The program will have a total credit line of THB20b (over $561m) with a fixed interest rate of 5% per year, and a repayment term of up to five years.

It is expected to assist two SME groups: those who continue to be impacted by issues that emerged during the COVID-19 pandemic and require continuous assistance; and SMEs that need funds to invest in transforming their business to cope with digital transformation, higher energy prices, and other disruptive factors.

“Bualuang Transformation Loan is a special loan program to provide assistance to SME customers in addition to our existing loan assistance programs. For the group that needs to get the loan to recover their business, the bank is not only offering loans, but also continuing to closely monitor and evaluate the situation and provide advice to customers accordingly,” said Bangkok Bank President Chartsiri Sophonpanich.

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“Another group is SME customers who need to adjust their business to the current situation and the various opportunities it provides. For this group, we will focus on supporting investment to improve or procure machinery, equipment and tools, as well as systems and processes, in three key areas of business transformation: digital technology, green business, and innovation,” Sophonpanich added.

Interested SME businesses, both existing or new customers, can apply for the Bualuang Transformation Loan from 1 February 2024 to 31 January 2025, or until when the credit limit of the program has been fully utilized. To apply, SMEs are directed to contact their business relationship officer, or go to a business center or Bangkok Bank branch.

(US$1 = THB 35.63; as of 23 January 2024, 12:11 PM)

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