EXIM Thailand has launched 2022 New Year gift program for exporters including "Credit Line with Low Interest Rate," the lowest of 2% per annum, to support the improvement of factories or production process, and build brand new exporters, as well as discount on buyer assessment fee for clients of export credit insurance service. This is aimed to help Thai entrepreneurs particularly SMEs in all industrial sectors to secure funds for business rehabilitation and production improvement to keep up with the Next Normal era and to launch exports with "export credit insurance," an international trade risk management tool, in order to accommodate the growth of Thailand's export, one of the key factors further driving Thai economic growth next year.
Dr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), said that currently the economic activities started to recover. However, the domestic purchasing power still has slim chance to increase due to several restrictions such as household debt and unemployment which are impacts of the COVID-19 pandemic. Meanwhile, the global economy in 2022 tends to expand continuously with a projected growth of 4.9%. Major markets for Thai exports such as the USA, China, India and Vietnam will also have favorable recovery, hence opportunity for Thai export growth in many markets. EXIM Thailand is ready to support Thai entrepreneurs, especially SMEs, to promptly increase exports for long-term, sustainable competitiveness in the global market.
To prepare Thai exporters particularly SMEs and ensure uninterrupted business operation as well as to boost their confidence in the global market, EXIM Thailand has launched 2022 New Year gift program as follows:
- EXIM Biz Transformation Loan is aimed to support entrepreneurs that wish to purchase or improve machinery and equipment, build new factory, or make new investment so as to enhance the efficiency and assist entrepreneurs in their adjustment to the Next Normal era after impacts of the COVID-19 pandemic. The credit facility offers a special interest rate of 2% per annum in the 1st-2nd year, maximum credit line of 100 million baht per entrepreneur, maximum repayment term of 7 years and free! Thai Credit Guarantee Corporation (TCG) guarantee fee up to 3 years in case of those under TCG's program for import-export SMEs.
- EXIM Jump Start Credit is aimed to fill up and strengthen liquidity of entrepreneurs for a leapfrog business growth after the COVID-19 situation. The credit facility offers a maximum credit line of 50 million baht per entrepreneur. The credit facility of not more than 10 million baht can be fully secured by TCG's collaterals. Special interest rate is offered at 2% per annum in the 1st-2nd month for both new and existing clients, while the normal rate is 3% in the first year.
"An urgent task of EXIM Thailand is to assist Thai entrepreneurs in the recovery from impacts of the COVID-19 pandemic with adequate funds for business rehabilitation while ensuring preparedness for business adjustment or transformation toward sustainable competitiveness in the following phase of the Next Normal era. The credit facilities with special interest rates will help relieve burden and reduce operational costs of entrepreneurs as well as boost their confidence in penetrating both existing and new markets which are gradually recovered from the COVID-19 impacts. This will also provide them with new business opportunities in the changing global trade arena." added Dr. Rak.