THE cabinet today (Nov. 23) extended the application for soft loans by hotels and related supply chain businesses to undertake renovation after closure during the Covid-19 pandemic till June 2023, Matichon newspaper said.
Finance Minister Arkhom Termpittayapaisith said the Cabinet had approved the extension of the low-interest loan programme from September this year till June next year with the total budget being 5 billion baht.
Conditions have also been eased with operators’ profit consideration extended from three to five years depending on whether there is profit each year.
Moreover hotels still applying for a business licence too may apply for a soft loan rather than just those who have already acquired one as was previously the case.
“The timeframe was extended and criteria eased to enable hoteliers to have working capital and increased their liquidity in carrying out their business. Entrepreneurs may apply for 5 million baht loan each at Government Savings Bank (GSB), ” Arkom said.
As announced in June this year when the programme was launched the loan offer comes with up to seven years of repayments, with up to two years of interest-only payments. The government will recompense the GSB at the rate of 2% per year for two years, for up to 200 million baht, NNT said.
Eligible clients must be an operator of hotels or businesses in the related supply chain in the Small and Medium Enterprise (SME) category. Loan applicants must be Thai citizens or Thai-registered corporations with more than 50% shares owned by Thai nationals.
Asked whether there would be further economic stimulus measures at the end of this year or early next year as a New Year’s gift to entrepreneurs, Arkom replied that this was being considered.
Top: A hotel room.
Front Page: Finance Minister Arkhom Termpittayapaisith. Both photos: Matichon