SME Bank provides loans for Thai gems and jewelry industry

BANGKOK, 13 February 2010 (NNT) – The SME Bank has launched a project to lend to the gems and jewelry industry in hopes to stimulate sales.

Deputy Managing Director of the SME Bank, Woramit Krutto, said that the SME Bank would be the first bank to provide loans for the gems and jewelry industry following a government policy to upgrade Thailand as a hub of gems and jewelry exports.

The loaning system has been jointly developed by the Thai Gem & Jewelry Traders Association along with the Gems and Jewelry Institute of Thailand and Pramern Gems Company. 48 types of genuine gems in the borrowers’ stock can be used as guarantee for the loans. Each entrepreneur can borrow up to 10 million THB with the interest rate of 7% per annum. The first phase of the project will lend loans totaling 500 million THB.