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Phuket officials reach out to businesses hammered by COVID, denied loans

Phuket officials reach out to businesses hammered by COVID, denied loans

PHUKET: Phuket officials are calling for all businesses on the island suffering heavily from the COVID economic crisis ‒ and previously denied support loans ‒ to register their details so the provincial government can draw up plans to restart the island’s economy under B250 billion budget for “Restoration Loans”.

COVID-19economicstourism
By The Phuket News

Saturday 29 May 2021, 03:02PM


Phuket officials are asking business operators to provide details of their dire predicament so the information can be passed upwards to ’policy makers’. Image: Screenshot

Phuket officials are asking business operators to provide details of their dire predicament so the information can be passed upwards to ’policy makers’. Image: Screenshot

The call for business operators to provide details of their dire predicament was posted online by the Phuket office of the Public Relations Department (PR Phuket) today (May 29), just over one month ahead of the planned July 1 reopening of the island to receiving fully vaccinated international tourists.

“Due to the Phuket Provincial Government plan to open the province on July 1, 2021 under the Phuket Sandbox model, which involves government and the private sector, we realise the importance of preparing all sectors for the opening of Phuket,” said the announcement.

“It is known that many entrepreneurs are in need for funds to support the preparation for opening and continuing the business, and the government has released Restoration Loans via the Bank of Thailand to help small entrepreneurs affected by COVID-19.

“From joint public and private meetings we have been made aware of the problem of accessing the said measures by Phuket entrepreneurs,” the announcement added.

“Phuket Province [the provincial government], therefore has worked with the private sector to collect data on the need for such rehabilitation loans. Including barriers to accessing credit in order to present to policy makers to urgently resolve access to recovery loans.

“We therefore ask for cooperation from all entrepreneurs to please provide detailed information for the team to be able to collect information and present to the relevant people,” the announcement concluded.

Businesses operators in need can provide their information via a Google Form now available online.

The form, in Thai language but easily understandable via Google Translate, asks business operators to confirm what type of business they operate, such as tourism, transport etc, and the form ownership, such as a company, partnership or sole proprietorship.

Business operators are also asked whether they have applied for financial support before, and why they were denied.

Among the reasons being accepted for being denied loans to survive the COVID crisis are no bank statements to show income for the years 2020-2021; the debt burden is too high, making it impossible to apply for additional loans; no security; no license to operate according to the bank’s conditions; and business shutdown due to COVID-19 impact and/or shutdown under government orders due to COVID-19.

Another reason accepted is that the bank refused without giving reasons.

The survey also asks how much finance the business needs, and what the funds are to be spent on, such as to repair buildings, places, vehicles, for employment or even to pay taxes, duties, fees or permits.

To view the online form, click here.

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Christy Sweet | 30 May 2021 - 10:41:33

What foreign owned businesses? By  law all have to be 51% Thai owned except for a US Amity Treaty registered company-  and forget that, Immigration will not extend a B visa after you build the biz.  

charles | 29 May 2021 - 21:07:17

pretty sure this excludes all foreign owned businesses though 

 

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