SME Bank pilots 6-month debt moratorium program

[rooster59]

SME Bank pilots 6-month debt moratorium program

Praphorn Praphornkul

 

 

BANGKOK (NNT) - The SME Development Bank (SME D Bank) is organizing the “New Day, Go Forth” program to aid small and medium sized enterprises still unable to pay off debts due to the current economic situation.

 

The program is being conducted in collaboration with the Islamic Bank of Thailand and Sukhumvit Asset Management (SAM) in direct assistance of businesses hampered by COVID-19. Those entering the project will be rehabilitated before having their debt terms renegotiated. They will also receive development assistance from the Ministry of Finance, Ministry of Industry, Office of Small and Medium Enterprise Promotion and Thai Credit Guarantee Corporation, who will subsequently provide them with access to capital.

 

SME D Bank President Nartnaree Rathapat said that the bank has suspended principle payments and automatic interest payments for six months now, in aid of COVID-19 hit SMEs, providing over 60 billion baht in assistance with further help to come. From October 22, when suspensions are set to expire, clients who made regular payments up until July 31 this year will be able to have their principle payment suspended for another six months.

 

The bank has also been providing knowledge and training about online commerce, attracting over 20,000 participants so far.

 

-- © Copyright NNT 2020-10-11

 

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[Cake Monster]

8 hours ago, rooster59 said:

Those entering the project will be rehabilitated before having their debt terms renegotiated.

History says that a bad payer will always be a bad payer until they default completely.