SME D Bank issues urgent measures to help SMEs affected by floods

SME D Bank issues urgent measures to help SMEs affected by floods: 'Pause-Reduce-Expand-Adjust-Add' to rehabilitate businesses and steadily overcome obstacles. SME D Bank has issued urgent measures to help SMEs affected by floods, storms and natural disasters through the 'Pause-Reduce-Expand-Adjust-Add' measures to alleviate hardship, reduce the burden of expenses, and help restore businesses through the 'Smile Biz Business Smile' loan with a maximum credit limit of 5 million baht, no collateral required, and those who have been in business for only 1 year can apply for a loan. Mr. Pichit Mitrawong, Managing Director of the Small and Medium Enterprise Development Bank of Thailand (SME D Bank), revealed that as many provinces have been affected by floods, storms, and natural disasters, the bank has issued urgent measures to 'suspend-reduce-expand-adjust-add' to help affected bank customers in 10 provinces: Chiang Rai, Chiang Mai, Phayao, Nan, Lampang, Phrae, Phetchabun, Udon Thani, Rayong, and Phuket, cover ing areas that the Department of Disaster Prevention and Mitigation, Ministry of Interior, will announce as additional disaster areas, including: 'Pause' to postpone principal repayment for up to 12 months, 'Reduce' to reduce installment payments to only 50% interest for up to 12 months, 'Extend' to extend the repayment period up to 7 years / extend the promissory note period up to 120 days, 'Adjust' to change short-term debt to long-term debt, repayment period up to 5 years, and 'Top up' to refill business rehabilitation capital with the 'Smile Biz Business Smiles' loan product. Relaxed conditions create opportunities to access sources of capital, no collateral required, business has been in business for only 1 year, can borrow, maximum loan amount 5 million baht, starting interest rate MLR-1.0% or 6.50% per year, repayment period up to 7 years, and grace period for principal repayment for up to 6 months. Assistance will be in accordance with the criteria and conditions according to the impact and repayment capability of each business. In addition, we have now ordered the bank's officers from the central and local areas to visit and survey the damage to provide timely assistance, including providing necessities for living to those affected in the area to alleviate their suffering, and have opened the 1357 Call Center to receive requests for assistance. Therefore, SME entrepreneurs affected by this disaster can be assured that they will receive assistance and care from SME D Bank closely, comprehensively and promptly. For more information, call the 1357 Call Center. Source: Thai News Agency