The Small and Medium Enterprise Development Bank of Thailand (SMED Bank) announced that new lending in the first six months 2003 totalled 9.5 billion baht, with a further 5.2 billion baht generated by the bank’s factoring operations.
SMED Bank president Chotisak Asapaviriya projected net profits of 300 million baht for the full year, following a profit of 155 million in the first half. He said the bank expected to lend 26 billion baht to small businesses this year, with factoring turnover of over 10 billion baht.
The SME Development Bank, formerly the Small Industry Finance Corp, has signed agreements with the Small Industry Credit Guarantee Corporation. The SICGC will provide credit guarantees of up to 50% of the total loan amount extended by the SME Bank to clients under a "fast track" lending programme.
