BAAC sets aside Bt70 bn to promote smart farming, sufficiency economy

The “New Gen Hug Ban Kerd” (new generation’s love for homeland) scheme has a budget of Bt60 billion to help those who wish to invest in new technology in smart farming, while the “Sufficiency Economy Loan”, with a budget of Bt10 billion, aims to provide a rotating fund for farmers who follow the principles of sufficiency economy or those who are going into farming as a source of additional income.
“The New Gen Hug Ban Kerd loan will charge interest at 4 per cent per year in the first three years with three months grace period. After three years the interest will be at minimum retail rate [MRR] or 6.5 per cent annually,” said the bank’s assistant manager Somkiat Kimaoha.
“Meanwhile, the Sufficiency Economy Loan will be limited to a maximum Bt50,000 per person with MRR interest rate or 6.5 per cent annually after three months grace period.
To promote social distancing practices during the Covid-19 outbreak, interested persons can apply for either loan via the bank’s official Line account “BAAC Family” by scanning the QR code or searching for ID @baacfamily, Somkiat said.
“The application is open now until June 30, 2021. A person can apply for only one type of loan,” he added.
For more information, contact BAAC Call Centre at 02 555 0555.