GSB extends loans worth B1.5bn to small enterprises

GSB extends loans worth B1.5bn to small enterprises

Government Savings Bank (GSB) extended loans worth around 1.5 billion baht during the last three months to small businesses suffering from the impact of the Covid-19 pandemic, says bank president Vitai Ratanakorn.

A loan programme totalling 5 billion baht was launched in late December last year, in line with the government's policy that GSB create jobs to alleviate the impact of the pandemic and revive the sagging economy.

Mr Vitai said during the last three months the bank extended 1.44 billion baht to 30,000 borrowers, consisting of those who want money to start businesses, small businesses, wholesale and retail businesses, taxi drivers, online traders and franchise businesses.

The programme provides loans of 50,000-300,000 baht with an interest rate of 3.99% per year throughout the loan term. The repayment period is up to five years with a grace period of six months. The scheme is due to end on Sept 30, or once the loan fund is completely borrowed.

In addition to the loan extension, the bank provided job training to 15,000 people during the same period. It targets 50,000 participants in the training programme this year.

GSB said earlier its motorcycle and car title loan joint venture expects to lend around 20 billion baht this year, up 25% from last year, aiming to provide loans to boost the liquidity of low-income earners.

GSB entered the car title loan segment in 2020 by acquiring a 49% stake in Fast Money Co Ltd, which was earlier wholly-owned by Srisawad Corporation. Last year Fast Money extended loans worth more than 16 billion baht at an 11% annual interest rate to more than 800,000 low-income earners.

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