Bt60 bn loan scheme for farmers

Bt60 bn loan scheme for farmers

The Cabinet approved Tuesday the loan scheme worth Bt60 billion to assist about 1 million drought-affected farmers who are existing clients of the Bank for Agriculture and Agricultural Cooperatives (BAAC) and agricultural cooperatives.
Under the scheme, the loan repayment period for BAAC’s existing clients will be extended by 9-12 months.

Short-term loan facilities are in place.

The farmers can tap a Bt10 billion short-term loan facility. Able to borrow up to Bt10,000 each, they must repay the loans within three months.

Another Bt10 billion facility is set up for rehabilitation purposes. Each farmer can borrow up to Bt20,000 and repay the loan in 12-18 months.

Another Bt10 billion rehabilitation facility is prepared for cooperatives’ borrowers. The borrowing must be repaid within 12-18 months.

Lastly, 300,000 clients of BAAC can borrow up to Bt100,000 from a Bt30 billion facility, to enhance productivity. The 3-year programme targets to lend the financial assistance to 100,000 farmers per year.

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