The Small and Medium Enterprise Development Bank of Thailand (SME Bank) last week granted a Bt1million loan to Pattaya's Euro Grand Hotel, which is suffering from the effects of the recent political unrest.
SME Bank managing director Soros Sakornvisava said the hotel had taken a hit from so many Japanese travellers, its key target group, cancelling their trips to Thailand.
SME Bank offers a financial package called "SME Power for a New Day" that is intended to help operators affected by the political turmoil.
He said the bank would also help the hotel refinance debts attached by the previous creditor, Thai Asset Management Corp.
"Despite the hardships from the political unrest, the hotel has been trying hard to stay in business. This proves its desire to take responsibility for its debts, so the bank has agreed to help. It will send an officer to review the property details, and we'll put it up for board for approval next month," Soros said.
Moreover, the bank will try to help fill up rooms by persuading more seminars to use the hotel as a venue.
The government has instructed SME Bank to loan Bt5 billion to operators affected by the redshirt demonstration and rioting.
As of Sunday, SME Bank has approved Bt4.7 billion worth of loans for 8,790 entrepreneurs. The rest will be loaned within the next week.