The state-owned Government Savings Bank (GSB) has set aside a 10 billion baht fund for lending to small and medium-sized entrepreneurs engaged in tourism and tourism-related businesses, to help them weather the economic crisis caused by the COVID-19 pandemic.

GSB Director Vithai Rattanakorn said today (Wednesday) that SMEs interested in receiving low-interest loans from the bank can apply via the bank’s website, www.gsb.or.th, from tomorrow until June 30th or until the funds run out.

Approved by the cabinet to boost the cash flow of the tourism related SMEs, he said that interested SMEs can use their property as collateral against loans from the bank, set at 1-10 million baht each for individuals and 1-50 million baht for juristic entities.

The amount of the loan granted will not exceed 70% of the assessed value of the borrower’s collateral.

The loans are for three-year period and the interest rates are 0.10% for the first year, 0.99% for the second year and 5.99%for the third year.

Vithai said that the bank will base its lending decisions on the quality of the collateral proposed.