Bangkok: In a move to support small business owners in accessing formal funding, the government has launched the "AI Whisper Loan" project, offering three tailored loan options based on business size. The initiative aims to help entrepreneurs choose the right loan amount, borrow what they need, and ensure responsible repayment.
According to Thai News Agency, Ms. Lalida Periswiwatana, Deputy Spokesperson for the Prime Minister's Office, announced that the project leverages real sales data from the "Money Bag" application to assist in loan consideration. This data-driven approach allows small businesses to select loan amounts that align with their specific needs, with options ranging from 50,000 to 3 million baht.
For small shops needing working capital up to 50,000 baht, the "Government Savings Bank QR Maha Heng x Nok Krasip Loan" offers a solution. This loan, designed for users of the GSB app, requires no collateral or application fees and features a fixed interest rate of 0.75% per month.
Merchants dealing with "money bags" who require loans not exceeding 500,000 baht can opt for Krung Thai Bank's "100,000 Baht Loan." This loan aims to boost business liquidity with interest rates starting at 11% per year, a minimum monthly payment of 500 baht, and no application fees.
For businesses looking to expand with a need for up to 3 million baht, Krungthai Bank's "Small SME Loan" is available. This option, tailored for wholesalers, retailers, service providers, and online stores using the AI "Whispering Bird" feature on the "Thung Ngern" app, offers an interest rate starting at 3.5% per year, fixed for the first two years, and no application fees.
Ms. Lalida emphasized the importance of selecting loans based on actual financial needs rather than potential compensation, urging careful consideration of interest rates and loan conditions. She highlighted the difference in interest rate calculations, noting that GSB's loan charges 0.75% per month while Krung Thai Bank's rate is annual.
The "AI Whisperer" feature stands out by using real sales data from the Thung Ngern app to provide a comprehensive view of business operations, including sales figures and revenue trends. This data can support loan applications for businesses lacking traditional financial documentation, although it does not guarantee approval. Banks will still evaluate the applicant's qualifications and repayment capability.
For entrepreneurs facing collateral or guarantor limitations, the Small and Medium Enterprise Credit Guarantee Corporation (SMEG) offers a loan guarantee mechanism to enhance credit access. However, this guarantee serves as a support mechanism rather than automatic approval.
The government aims to harness technology and data to facilitate easier access to the financial system for small businesses, particularly those actively trading with real income but lacking traditional financial records. Entrepreneurs are encouraged to select loans that align with their business size and repayment ability.