SME Bank launches loan guarantee for IGNITE THAILAND in line with government policy to help SMEs in tourism, health, and food sectors access funding sources to drive the Thai economy. The SME Bank joins hands with the Government Savings Bank to proceed with guaranteeing the IGNITE THAILAND loan with a total guarantee of 5,000 million baht, with free fees for the first 2 years, reducing the burden on entrepreneurs, supporting SMEs in the "Tourism-Medical and Health-Food and Supply Chain" groups to access sources of funds, driving the country's economy to grow in the long term. Mr. Sittikorn Direksunthon, Director and General Manager of the Small Industry Credit Guarantee Corporation (TCG), said that TCG has joined hands with the Government Savings Bank to guarantee the IGNITE THAILAND loan project with a total loan guarantee of 5,000 million baht, with a maximum guarantee of 10 million baht per case, in line with the government's policy and the IGNITE THAILAND vision, especially in helping tourism entrepren eurs, an industry that has grown strongly in the first 6 months of 2024, in line with TCG's loan guarantees during January - June 2024. The top 3 highest are: Service sector 27.5%, Manufacturing and other trade 13.5%, and 3. Food and beverage 9.6%. Under this project, SME Bank and Government Savings Bank aim to support SMEs in the three main industrial groups under the IGNITE THAILAND vision: 1. Tourism hub, 2. Medical and health hub, and 3. Food and Supply Chain hub to have easier access to funding sources through SME Bank's guarantee mechanism, adding liquidity for opportunities to expand and develop business potential. With relaxed conditions, the IGNITE THAILAND low-interest loan guarantee project will help reduce the burden on SMEs. Free! Guarantee fee for the first 2 years and 0.75% per year for the 3rd and 4th years. The Government Savings Bank charges an interest rate starting at 2.5% per year for the first 2 years. The maximum loan period is not more than 10 years. No principal repayment for a maxi mum of 6 months. You can apply for a loan until December 30, 2025. From this cooperation, it is confident that it will be able to help SME entrepreneurs receive more loans of no less than 1,600 cases, create loans in the financial institution system of no less than 5,000 million baht, and create more than 20,000 million baht in added economic value, including maintaining no less than 12,000 jobs, helping drive the country's economy to grow in the long term. For the IGNITE THAILAND loan project, Government Savings Bank, with the guarantee of TCG, was approved by the Cabinet meeting on June 11, 2024, aiming to stimulate the country's economy through a loan guarantee mechanism, allowing SMEs to access loans in the system, in line with government policy to create sustainable growth for entrepreneurs. Source: Thai News Agency