SCB, FTI extend capital support to entrepreneurs

The SMI Capability Enhancement Project is offering financial support of up to US$2.938 million per entrepreneur for the second year.

Moreover, this joint project of Siam Commercial Bank PCL and the Federation of Thai Industries also provides special privileges in the form of a full range of financial services worth over US$2938 per entrepreneur.

"The currently volatile economy has affected industrial players at all levels, particularly SMI entrepreneurs, who need an urgent lifeline in terms of production costs savings, domestic and international market expansion, liquidity improvement, and access to sources of finance," said FTI Vice Chairman Payungsak Chartsutipol.

"The project offers them an opportunity to access financing resources and business & market information so that they can adapt to rapid economic changes. Under the project they can receive financial assistance and services to support their business in achieving strong and sustainable growth," Payungsak added.

The project mainly focuses on SMI liquidity improvement and administration costs saving. Under the project umbrella, there are three core elements of SMI Capability Enhancement.

First, SMI Potential Enhancement serves to promote better production process development and to offer an opportunity for SMI entrepreneurs in related industrial lines to network with one another. The project is focused on promoting five industrial sectors that have been affected by the economic crisis but still have room to grow further in the future. That is, automobiles and parts, electronics, machinery & metals, rubber, and food and medicine.

Second, SMI Capability Enhancement through seminars will improve SMI entrepreneurs' knowledge and keep them abreast of economic updates so that they can adjust their strategies in line with business environments in a timely manner.

Third, a full range of financial services for SMI supports businesses in terms of working capital in the form of long-term loans at special interest rates of up to 100 million baht (US$2.938 million) per borrower. Moreover, financial privileges will be offered to FTI members for up to 100,000 baht (US$2938) per member, including a waiver of front-end fees and online FX, special discounts for international trade finance, business cash management – a full-range of liquidity improvement for industrial businesses, and the right to participate in activities under the Bai Po Business Forum throughout the project period.

"We expect that over 1,000 SMI entrepreneurs will join this project. Lending volume will definitely not be less than last year, for the Thai industrial sector still has a need to continuously expand its production capacity to prepare for increasing business competition," said SCB Executive Vice President Trirong Butragaht, in charge of the Strategy and Product Division under the Business Banking Group.