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SCB to offer easy loans to SMEs bidding for govt projects

SCB to offer easy loans to SMEs bidding for govt projects

MONDAY, May 11, 2020
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Siam Commercial Bank (SCB) has set aside Bt17 billion to provide fee-exempt loans to government contractors once the Covid-19 crisis is over.

Pikun Srimahunt, senior executive vice president and chief SME banking officer, said the bank’s aim is to help small- and medium-sized businesses bid for government projects.
“We expect the government to come up with a Bt3.2 trillion budget, of which Bt640 billion will be set aside for the construction of public utilities like the Eastern Economic Corridor, the high-speed railway linking the three international airports and the Map Ta Phut industrial port,” she said.
“Therefore, the bank is ready to grant fee-exempt loans to contractors to help drive the economy forward and compensate for the slowdown in private investment and consumption.”
She added that transfer fees will also be exempted for transactions made through the SCB Business Anywhere app for one year, which will help businesses take care of their employees and operations effectively.
“If contractors make transfers of more than Bt500,000, cheque deposit fees will also be waived,” she said, adding that government contractors can get a loan of up to Bt100 million without having to provide a collateral.
“This loan also allows maximum overdraft and promissory notes amounting to 100 percent of the collateral’s value,” she said.
“We have set Bt17 billion as the limit for this project to help boost liquidity for businesses that work with the government,” she said, adding that the bank will use Pojaman2, an enterprise resource planning software to help boost business growth and efficiency.