Siam Commercial Bank launches trade package for SMEs

The bank has allotted nearly $129.7m in loans for SMES in the export sector.

Siam Commercial Bank (SCB) has launched a Super Trade Solution package to help small and medium-sized enterprises (SMEs) to help improve their businesses, the bank announced on their website.

The bank has earmarked nearly $129.7m (4 billion baht) in loans for supporting SMEs in the export sector in 2020, the announcement revealed0. This will also intended to help boost Thai exporters’ readiness as supply chain producers catering to international demand for manufacturing and raw materials from Thailand, the bank added.

The package is aimed to help boost liquidity, cut costs, mitigate exports risks, and enhance competitiveness of SMEs.

“Realizing that Thai SMEs need support in getting ready to compete and continue their businesses with strength, SCB is now offering a Super Trade Solution package specifically tailored for exporters to address their needs for liquidity and effective business and cost management to take advantage of and continue business growth opportunities with strength amid the current challenging factors,” the statement read.

Services offered by the package include: unsecured working capital loans of up to $16.2m (50 million baht); unsecured reserve of up to $32.4m (100 million baht) for foreign exchange forwards, to curb foreign exchange volatility with special fees and rates so that SMEs can manage cost realization with certainty; a real-time foreign exchange service; and exclusive business matching with SCB’s trusted export partners, amongst others.