Bangkok--7 Jun--Siam Commercial Bank
Siam Commercial Bank (SCB) continues to cater to SME needs in the second half of the year with the launch of its “SCB Extra SME Loan” program featuring credit lines of up to 3 times collateral value and flat interest rates for 3 years, plus extra credit lines for clients with good repayment records. Also on offer for SME exporters and importers is an “SCB SME Trade Finance” program featuring high credit lines and low fees. SCB guarantees client satisfaction, with special privileges under the two new loan programs and is targeting an SME lending growth target of 27% year on year, or 200 billion baht, by the end of the year.
SCB Senior Executive Vice President and Head of the Business Banking Group Sirichai Sombutsiri said that in the past few years SCB has researched customer needs in order to continuously offer innovative financial products to SME clients that best respond to their requirements. A recent study showed that many SMEs are seeking funds for business expansion featuring long-term installments and low or flat interest rates so that they can control costs and improve liquidity. At the same time, they do not want collateral value requirements that are too high. Based on these SME client needs, SCB developed its “SCB Extra SME Loan” program for small entrepreneurs, defined as businesses with annual sales ranging from 10-75 million baht. The loan program features credit lines of up to 3 times collateral value (maximum of 20 million baht) with flat interest rates for 3 years. Clients repaying loans on time for 24 consecutive months can enjoy an extra credit line of up to 30% of the principal paid. SCB is the first and only bank in Thailand to cater to clients with such an offer.
The Bank has set a loan target of 10 billion baht for the end of this year for the “SCB Extra SME Loan” program, which follows a similar successful SME loan program launched last year. Thanks to an overwhelming response by clients, lending reached 7 billion baht in only 4 months, vastly exceeding the Bank's 5 billion baht target.
Another SME loan program on offer is an “SCB SME Trade Finance” trade finance solution featuring credit lines of up to 60 million baht for medium-sized entrepreneurs running businesses with annual sales ranging from 75-500 million baht. No collateral or low-value collateral is required. In addition, clients can better manage costs, as SCB also offer a waiver of international remittance fees for both inward and outward transactions.
SCB will continue to develop a diverse range of financial products, services, and privileges to serve SME needs. For more information, interested SMEs can contact the SCB Business Call Center at 02-722-2222.
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