Bangkok: SME D Bank has announced immediate measures to assist small and medium enterprises (SMEs) in Northern Thailand as they deal with the aftermath of severe flooding caused by storm ‘Wipha’. The bank’s initiatives include a temporary suspension of principal and interest payments for up to 12 months and the provision of an emergency fund aimed at helping businesses repair and restore their operations.

According to Thai News Agency, Mr. Pichit Mitrawong, Managing Director of the Small and Medium Enterprise Development Bank of Thailand, expressed concerns over the impact of heavy rains and flash floods on business activities in the region. To mitigate this impact, the bank has introduced a ‘principal and interest payment suspension’ for affected clients. This measure allows for a deferment of payments on term loans for up to a year and extends the payment period for promissory notes and factoring loans to a maximum of 180 days, with an option to suspend interest payments.

Additionally, the bank has rolled out an ‘Emergency Funding for Business Repair and Restoration’ program. This initiative offers emergency loans to affected businesses within specified disaster areas. Loan amounts range from a minimum of 30,000 baht to a maximum of 200,000 baht, with favorable terms such as a 12-month deferment on principal repayments, no collateral requirements, and waived fees.

Furthermore, SME D Bank is offering additional capital loans at a special interest rate of 3% per year for the first three years, aimed at enhancing liquidity, investment, and business upgrades post-flood. Entrepreneurs can access up to 15 million baht with a repayment period extending to 10 years.

These support measures are voluntary, and entrepreneurs interested in availing themselves of these services can reach out through various channels including SME D Bank branches, the bank’s LINE Official Account, and their website. The bank’s call center is also available for more information at 1357.