Bangkok Bank, Bank of Ayudhaya (BAY) and Siam City Bank (SCIB) have joined a programme initiated by the National Innovation Agency (NIA) to offer financial support to small- and medium- sized enterprises involved in the development of new technology.
The programme will offer SME loans, with the first three years interest-free, of up to a maximum of 5m baht per project. The agency will also hold interest rates on the loans to the minimum lending rate minus 2%. The interest rate will revert to the minimum lending rate following the expiry of the grace period.
Eligible projects must be innovation-based, involve cutting-edge research and be properly registered.
The NIA will assess the merits of the innovations and their financial prospects before sending them to the banks for final credit approval.
Utane Kongsunthornkij, SCIB's executive vice-president, said the bank expected to gain access to more premium customers under the programme.
