{"id":1897,"date":"2020-03-30T12:02:46","date_gmt":"2020-03-30T12:02:46","guid":{"rendered":"https:\/\/35.197.150.33\/?p=555"},"modified":"2020-03-30T12:02:46","modified_gmt":"2020-03-30T12:02:46","slug":"industry-ministry-to-suspend-small-firms-debts","status":"publish","type":"post","link":"https:\/\/plizz.co\/th\/blog\/industry-ministry-to-suspend-small-firms-debts\/","title":{"rendered":"Industry Ministry to suspend small firms&#8217; debts"},"content":{"rendered":"<figure id=\"attachment_556\" aria-describedby=\"caption-attachment-556\" style=\"width: 611px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/plizz.co\/wp-content\/uploads\/2020\/03\/3582190.jpg\" alt=\"\" width=\"611\" height=\"407\" class=\"wp-image-556\" \/><figcaption id=\"caption-attachment-556\" class=\"wp-caption-text\">The debt suspension covers operators in food, drinks, herbs, jewellery, souvenirs and clothing.\u2009VARUTH HIRUNYATHEB<\/figcaption><\/figure>\n<p>March 30, 2020<\/p>\n<p>The Industry Ministry plans to roll out rescue measures by suspending debt payments for 6-12 months for small community enterprises for several industries affected by the Covid-19 outbreak.<\/p>\n<p>The measure covers businesses in food, drinks, herbs, jewellery, souvenirs and clothing. Local producers can apply for debt suspension in April.<\/p>\n<p>The Industrial Promotion Department under the Industry Ministry has extended loans to 2,500 small and medium-sized enterprises (SMEs) and community enterprises through a revolving fund for household industries and handicrafts.<\/p>\n<p>The fund covers 77 provinces with a total credit limit of 370 million baht and a 200,000-baht limit per person.<\/p>\n<p>Some 771 businesses are eligible for the debt suspension, including 557 already making normal payments that can suspend the debt for 12 months valued at 134 million baht.<\/p>\n<p>A debtor who has been late on payment for three months can suspend the debt for six months, which applies to 194 businesses with a total of 43.9 million baht in debt.<\/p>\n<p>Nattapol Rangsitpol, director-general of the Industrial Promotion Department, said many SMEs and community enterprises have had production delayed, orders cancelled and raw materials run short because of the Covid-19 crisis.<\/p>\n<p>&#8220;Mostly, revenue and incomes have dropped due to the impact of the Covid-19 outbreak and many SMEs and community enterprises cannot afford to operate and need support measures,&#8221; he said.<\/p>\n<p>Mr Nattapol said SMEs and community enterprises are the backbone of the economy and account for 80% of the country&#8217;s GDP, boosting employment and income distribution in local economies.<\/p>\n<p>Since 2017, the government has provided 20 billion baht in soft loans under the Pracha Rat fund, aimed at helping SMEs.<\/p>\n<p>Earlier this year, the Industry Ministry expected to spend 800 million baht to develop and support SMEs and community enterprises in Thailand in 2020.<\/p>\n<p>The Industrial Promotion Department is primarily focused on local farms that the government wants to transform from traditional agriculture to modern methods through tech and innovation under Thailand 4.0.<\/p>\n<p>Source: <strong><a href=\"https:\/\/www.bangkokpost.com\/business\/1889050\/industry-ministry-to-suspend-small-firms-debts?fbclid=IwAR2FLZR9zD8aeJEXzjQIiiD6ZiRJ_3tZ_6UT2PuczQeqDxL35rcfQ07X1_g\">Bangkok Post<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>March 30, 2020 The Industry Ministry plans to roll out rescue measures by suspending debt payments for 6-12 months for small community enterprises for several industries affected by the Covid-19 outbreak. The measure covers businesses in food, drinks, herbs, jewellery, souvenirs and clothing. Local producers can apply for debt suspension in April. The Industrial Promotion [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":1376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Industry Ministry to suspend small firms&#039; debts<\/title>\n<meta name=\"description\" content=\"Read our article &quot; Industry Ministry to suspend small firms&#039; debts &quot;. 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