Friday, October 23, 2020

SSO joins banks in providing low-interest loans to small businesses

Aug 18. 2020
Suchart Chomklin, Labour Minister
Suchart Chomklin, Labour Minister
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By The Nation

The Social Security Office (SSO) is cooperating with financial institutions to earmark Bt30 billion to provide low-interest loans to small businesses so they can continue employing their workforce, Labour Minister Suchart Chomklin said on Tuesday (August 18).

He explained that the government prioritised economic recovery under the mission “Thais unite together to rebuild the nation”.

“The SSO has signed an agreement with financial institutions to work on a project to grant Bt30 billion low-interest loans to businesses in a bid to keep people employed and create new jobs,” he said.

The minister added that SSO will provide funds for banks to grant loans at a fixed rate of 3 per cent per year for borrowers who have collaterals, and loans at a fixed rate of 5 per cent per annum for borrowers with no collaterals.

“Businesses seeking loans should have registered with SSO for at least three months and should have kept at least 80 per cent of their workforce for three years,” he said.

He added that of the Bt30 billion, Bt18 billion will be set aside for businesses with fewer than 50 employees, which will be allowed to borrow up to Bt5 million each; Bt9 billion will be earmarked for businesses employing between 51 and 200 people and they can borrow no more than Bt10 million each; while Bt3 billion will be set aside for businesses employing more than 201 people and they can borrow no more than Bt15 million each.

“Those interested can submit a request at all SSO offices nationwide before applying for a loan at the banks participating in the project, namely the Export-Import Bank of Thailand and United Overseas Bank. These loans will be available until December 31,” he said.

“Apart from boosting liquidity and maintaining employment, these loans will also help stimulate the economy.”

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