Seventeen financial institutions have agreed to support the nation’s small and medium enterprises (SME) and innovators to more easily access credit loans.

Under the new Start-Up & Innovation program revamped by the Thai Credit Guarantee Corporation (TCG), the 17 institutions have agreed to more readily provide loans to SMEs and innovation businesses.

TCG has adjusted its collateral provision for the program by lowering its fees and increasing its loan insurance to 50 percent of provided loans. The corporation has readied support loans of up to 1 million baht per business and will increase the rate to 5 million baht for registered start-ups and 20 million baht for registered innovation businesses. Companies can apply for the aid between now and December 31, 2018.

The businesses will have to pay a fee of 1-2 percent of their loan for TCG collateral with the first year subsidized by the government. TCG expects to support 1 billion baht worth of new loans by the end of this year.