The Cabinet has approved a package of loans, guarantees, and taxes to support Thai SMEs, totaling 2.67 billion baht. This package is expected to boost GDP growth by 0.3-0.4%.
The Cabinet has approved the "Quick Big Win" package of measures for Thai SMEs, totaling 2.67 billion baht. This package includes 5 billion baht in guarantees through the SME Bank (SME Promotion Bank), 2.17 billion baht in loans, and accelerated corporate income tax refunds for 2 SMEs, totaling 6 billion baht. This package is expected to boost GDP growth by 0.3-0.4%.
Dec 2, 2568 – Ekniti Nitithanpraphat, Deputy Prime Minister and Minister of Finance It was revealed that this is to drive the "Quick Big Win" policy using the principle of "short-term stimulus, long-term results, and distribution" under the third pillar, increasing liquidity for small and medium-sized enterprises (SMEs) to enable them to recover and continue their businesses sustainably.
This will benefit the overall economic system in terms of employment, income generation, investment, and the supply chain, creating balanced economic links and driving the overall economic system towards long-term growth.
However, more than half of SMEs currently lack access to formal funding sources. With credit dwindling, the government is focusing on creating a new ecosystem for SMEs with the "Quick Big Win" measure for Thai SMEs, aiming to enhance liquidity and increase efficiency.
and creating opportunities for SME entrepreneurs, coupled with the flooding situation in the southern region that occurred since mid-November 2568, which has had a widespread impact and exacerbated the vulnerability of SME entrepreneurs, including employment in affected areas, the government must therefore urgently provide assistance to prevent business disruption. The Cabinet on December 2, 2568, approved the “Quick Big Win” measures for Thai SMEs as follows:
The government has therefore approved financial measures to enhance liquidity and reduce costs for SMEs. This is divided into the implementation of loan and loan guarantee projects through seven specialized financial institutions, with a total budget of 267 billion baht, comprising loan measures worth 217 billion baht and loan guarantees worth 50 billion baht. The details are summarized as follows:
1. Small and Medium Enterprise Credit Insurance: The "SMEs Quick Big Win" credit guarantee project has a total project budget of 50,000 billion baht. To help build confidence in financial institutions in granting loans to SME entrepreneurs with free fees for the first 3 years, divided into 3 sub-projects:
(1) SME Go Big Loan Guarantee Project for general SME entrepreneurs
(2) SME Smart Win Loan Guarantee Project for small and medium-sized enterprises (Micro SMEs)
(3) SME Quick LG Loan Guarantee Project for construction contractors or procurement or hiring of government agencies, state enterprises and the business sector.
Loan guarantee applications will be accepted until December 30, 2569. Additionally, the Portfolio Guarantee Scheme Phase 11, which still has remaining credit limits, has been extended from December 30, 2568, to December 30, 2569.
“In addition to this guarantee program, the Ministry of Finance is also in discussions with the Bank of Thailand and the Thai Bankers Association to design an SME loan guarantee fund to encourage banks to lend more to SMEs. If a bank grants a loan and incurs a non-performing loan, they can file a claim with the SME Bank or this fund.”
2. Government Savings Bank GSB implements a soft loan project to revive Thai businesses, with a total loan limit of 100,000 billion baht. To help reduce financial costs and enhance liquidity for the business sector, as well as serve as an important mechanism to support investment for adaptation and enhance the competitiveness of Thai businesses, the Government Savings Bank supports low-interest funding sources for participating financial institutions to provide loans to SME entrepreneurs, divided into 4 sub-projects:
(1) Mitigation Loan Project, in which entrepreneurs affected by floods can participate in this project, and can apply for loans until 30 September 2569.
(2) The Reinvent Thailand Loan Project, which is a collaboration with the private sector, will have the private sector, including the Thai Bankers' Association, the Thai Chamber of Commerce, and the Federation of Thai Industries, establish a committee to set criteria and conditions for loan applications and types of businesses to promote the target industries in Reinvent Thailand.
(3) Loan project for business potential development (Transformation)
(4) Loan projects for tourism business potential development through the Reinvent Thailand Project, the Transformation Project, and the Tourism Project can accept loan applications until March 31, 2570.
3. The Bank for Agriculture and Agricultural Cooperatives operates a loan program for the agricultural sector with a total credit limit of 80,000 billion baht. To help farmers and SME entrepreneurs in the agricultural sector to have greater access to funding sources, sufficient liquidity for business operations, and increase business potential and capabilities, there are 2 projects:
(1) Sustainable Thai Loan Project (Thai Community Creation Phase 3), credit limit 50,000 million baht
(2) Thai Chaiyo SME Loan Project, credit limit 30,000 million baht, both projects accepting loan applications until 31 July 2028.
4. The Small and Medium Enterprise Development Bank of Thailand has revised the criteria for the SME Empowerment Loan Project and the Beyond SME Wings Loan Project, with a total credit limit of 20,000 billion baht. To cover Micro SME entrepreneurs, the credit limit per person is no more than 1 million baht, and general SME entrepreneurs, the credit limit per person is no more than 30 million baht, with the loan application period extended to December 30, 2569.
5. The Export-Import Bank of Thailand operates an export insurance program to protect exporters with special insurance premiums and the EXIM Expand Shield loan program for revolving credit to support exports, with a credit limit of 12,000 billion baht.
6. The Islamic Bank of Thailand has implemented a project to support funds for Muslim entrepreneurs with a total budget of 3,000 million baht. For SMEs who wish to transform their business models to promote environmental friendliness and provide funding support to Halal product manufacturers or distributors for export or manufacturers in the Halal product supply chain.
7. The Government Housing Bank has implemented a project to support real estate entrepreneurs with a total budget of 2,000 million baht. For construction, purchase, purchase of land ready for construction, or extension, renovation, and repair, and to support loans for housing developers in the region for construction of buildings and utilities.
The government also prioritizes increasing efficiency and fair competition through tax measures, including:
1. The Revenue Department The "Big Brother Helps Little Brother" project is being implemented, with major entrepreneurs listed on the Stock Exchange of Thailand (SET Index) providing resources and technology to companies in their supply chains to adapt to the electronic system, enabling them to receive faster tax refunds and have easier access to loans. It is expected that 1,500 SME entrepreneurs will participate in the project, and they are expected to receive 1,700 billion baht in tax refunds annually.
There is also a project to improve the central corporate income tax refund process using the Fast Track system, which will allow nearly 20,000 SMEs, worth 60,000 billion baht, to receive their tax refunds faster by the end of 2568. In the future, consideration will be given to linking the PromptBiz system with Supply Chain Financing, which will increase the chances of SMEs in the supply chain receiving loans.
2. Customs Department Implement measures to abolish the minimum value requirement for imports that are not subject to import duties (De Minimis Value: DMV) to create fair competition for Thai entrepreneurs in the country, including SMEs that pay the correct taxes, so that they can compete with imported products from abroad.
In addition, the government also increases opportunities for SMEs through other measures, including:
Comptroller General's Department Implement measures to support government business partners by providing loans to government partners through the PromptBiz system. Currently, the Ministry of Finance is piloting a service linking procurement data from the Electronic Government Procurement (e-GP) system and disbursement data from the New GFMIS Thai system. This allows financial institutions to use the information to consider granting loans to entrepreneurs, and to transfer the rights to receive funds to banks or third parties.
This will enable SMEs and government business partners to access loans to increase liquidity more easily and will provide guidelines for providing benefits to SMEs in government procurement, including providing an additional 5% price advantage for SMEs certified by the Office of Small and Medium Enterprises Promotion.
For SMEs with annual revenue not exceeding 500 million baht and approved to issue electronic tax invoices and electronic receipts through the Revenue Department's e-Tax Invoice & e-Receipt system, this initiative aims to help SMEs access and compete in government procurement.
In addition, กThe Ministry of Commerce is considering the establishment of an E-commerce Platform in Thailand. To enable Thailand to have an e-commerce platform that is owned by Thais, to be used as a mechanism to drive and support Thai entrepreneurs in trading or providing services through e-commerce channels effectively.
Dr. Ekniti revealed that the government, through the Ministry of Finance, recognizes the importance of supporting and promoting SMEs, which are the foundation of the economic system, enabling them to recover and continue operating comprehensively in all dimensions. Furthermore, to ensure a swift and timely resolution of the hardships of entrepreneurs in the southern region affected by the floods, the government will enable them to quickly resume their lives and businesses as normal.
The implementation of the "Quick Big Win" measure for Thai SMEs will benefit the overall economy through job creation, income generation, investment stimulation, and added economic value. It will also create a new ecosystem for Thai SMEs, supporting the supply chain, fostering economic connectivity, and jointly driving growth for the Thai economy. This initiative is confident that it will meet the government's Quick Big Win policy and is expected to generate the following economic benefits:
- “Short-term stimulus” will help SMEs increase liquidity and access 270,000 billion baht in formal loans.
- “Long-term results” will result in the Thai economy expanding by 0.36 percent in 2569.
- “Distributed” will help 107,000 SMEs access credit.
"This SME package, including guarantees, credit lines, and tax rebates, will total 327,000 billion baht. It's expected that the immediate inflow of funds will come from tax rebates from the Revenue Department and some loans. This is expected to boost Thailand's GDP by 0.3-0.4%."
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