GSB offers soft loans of THB5 million to hoteliers

The project, operated by Government Savings Bank (GSB), aims to help up to 1,000 small and medium-sized enterprises and supply chains access funds in the current challenging economic situation.

Hoteliers and their supply chains can now borrow loans of up to 5 million baht per person for no more than seven years.

The soft loans have grace periods and interest of 1.99 per cent in the first two years. Interest from the third to seventh year will be specified by the GSB.

Borrowers can use their assets as collateral or request the Thai Credit Guarantee Corporation to be their guarantor, or both.

They can avail of the loans until September 30 this year or until all of the loans are snapped up.

The following are eligible:

• SME operators must be Thai or juristic persons registered to operate a business in the country with shareholding of more than 50 per cent of registered capital.

• Hotel operators must have a licence or a requested licence to operate their business before December 31, 2020.

• Borrowers must be directly or indirectly affected by the Covid-19 crisis.

• Their business should have shown profit over the past three years.

• In case of juristic persons, shareholders’ equity must not be in deficit.

• Borrowers must also not be in debt or have any non-performing loans. They should not have been prosecuted or must not be facing bankruptcy.