Bangkok Bank and Social Security Office provide low interest rate loans with a three-year fixed rate to enhance business liquidity and retain employment
June 08, 2021
Bangkok Bank together with the Social Security Office are providing loans to businesses with a total credit line of 30 billion baht, up to 15 million baht per business entity, to boost liquidity, maintain employment and reduce costs. The loans offer low interest rates, fixed for three years at 2.75% p.a. with collaterals needed, or 4.75% p.a. with no collaterals required or guaranteed by a person or the Thai Credit Guarantee Corporation (TCG).
Bangkok Bank Director and Senior Executive Vice President Suvarn Thansathit said the Bank is joining Social Security Office for the Loan for Employment Credit Phase 2 scheme (2020-2021) to support businesses registered under the Social Security Office to access funding. The loans can help provide liquidity for businesses, retain employees who are members of the Social Security Office and sustain the businesses through the Covid-19 crisis.
With a budget of 30 billion baht, the project has provided a loan period of three years and up to 15 million baht per business entity with interest rates of 2.75% p.a. with collaterals needed and 4.75% p.a. with no collaterals required or guaranteed by a person or the Thai Credit Guarantee Corporation (TCG). However, loan approvals are subject to the Bank’s terms and conditions and businesses cannot apply for this loan to refinance existing loans.
Eligible businesses must register with the Social Security Office and have paid contribution to the Social Security Fund for at least three months as well as have been certified as an establishment by the Social Security Office. Once the loan has been approved, businesses must maintain, for the entire duration of loan, not less than 80% of Social Security Fund members in the workplace as of the date the Bank submits the credit approval report to the Social Security Office.
Mr. Suvarn added this program is another form of assistance and support for businesses to access financing and increase their liquidity. The interest rate is fixed for three years with a condition to maintain employment, which has been aimed at reducing financial burdens for business owners, allowing employees to have continued income and partly helping to reduce the impact on the economy.
“At present, most businesses are being affected by the Covid-19 situation. With understanding and care, Bangkok Bank would like to play our part in helping businesses of all levels to be able to access financial services and lending to strengthen liquidity. The Bank has offered direct assistance and provided financial support through various measures initiated by government agencies such as the Bank of Thailand's loan rehabilitation measures and the Social Security’s Loan for Employment Credit Phase 2 scheme. As a trusted partner, the Bank is ready to give advice and help customers in all situations," said Mr. Suvarn.
For more information or applications to the Employment Promotion scheme, please contact Bangkok Bank’s relationship officers at our business centers. Loan applications can be submitted from now to December 31, 2021, or until the issued loan amount has been reached. Customers interested in participating in these measures or other measures of the Bank can look for more information on Bangkok Bank channels including Bangkok Bank website, Bangkok Bank LINE Official or call Bualuang Phone 1333 or 0 2645 5555.
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