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Pattaya Daily News

17 December 2009 :: 18:12:47 pm 1059

New Business Credit Guarantee Corporation

More help is on the way for “Small Business Enterprises,” with the formation of a new Thai Government body named the Small Business Credit Guarantee Corporation (SBCG). New business enterprises that are having problems raising enough financial capital, now will be given the opportunity to be granted Thai Government assistance.
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Pattaya, the 16th of December 2009 [Pattaya Daily News]: At the December meeting of the Pattaya Business & Tourism Association (PBTA) held at North Pattaya’s Green Park Hotel, officials from the Department of Finance in Bangkok were present to outline the Thai government’s new initiative. Managing Director of the greater Chonburi region, Khun Chalermchai Paiboonsiri, spoke at great length to give a very precise outline of how this financial assistance scheme for new businesses will operate.

As an example, – in the past a newly developing business owner could probably raise 1.5 million baht from traditional lending institutions by using his / her 2.5 million baht house as financial collateral for the loan. However, if more finance was required, there were no further options open to them, if they had no further assets. Now with the formation of the Small Business Credit Guarantee Corporation (SBCG), government assistance is available to many budding business enterprises.

The new business entrepreneur has to provide evidence of the viability of their new enterprise, with the most important requirement being the submission of a proper business plan, complete with financial estimates. If the SBCG accepts this evidence, then they will find the balance of the funds needed, using funds from very low interest sources on an easy repayment schedule. So Mr. foreign expat, where do you fit into all of this? – Quite simply, because most foreign nationals who want start a business usually put the registration in the name of their wife or Thai friend. If the Thai citizen can prove that there is a case of genuine financial hardship, then there would be a chance of getting government assistance.

Reporter : Harry Green   Photo : Harry Green   Category : Business News

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