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Thai government promise almost $1 billion for fruit farmers

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Staff Writer | July 9, 2016
Thailand fruit farmers
Farmers in Thailand   Big help is coming from the government

The Thai Cabinet has approved a budget of 35 billion baht ($992.64 million) to help the country's fruit farmers. The money will allow farmers to improve efficiency and will also be spent on seminars aimed at developing growing techniques.

The Thai Credit Guarantee Corporation (TCG) will carry out a portfolio guarantee scheme for small and medium enterprises (SMEs). Deputy Minister Attached to the Prime Minister’s Office Kobsak Pootrakul said that under the portfolio guarantee scheme, the TCG will act as a guarantor for SMEs and innovative startups.

Eligible businesses must be no older than three years. Their loans will be guaranteed by the TCG, which has set aside 10 billion baht to help them gain access to capital, over a period of 10 years.

Single-owner companies can be insured for a maximum amount of one million baht, while corporate businesses will be entitled to a maximum amount of five million baht. Entrepreneurs can lodge an application for the TCG guarantee from now until the end of this year.

As for fruit farmers, the 35-billion-baht budget will be used to support the two-year extension of the debt repayment period, provide loans to farmers to improve water storage capacity, and grow new fruit trees. It will also be spent on organizing a seminar on fruit-growing techniques and market trends.

(1 Thai Baht= $0.028)


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