Mr. Isara Wongrung, Chief Executive Officer of Mee Tee Mee Ngern Co., Ltd. has announced that  Mee Tee Mee Ngern Co., Ltd. will provide emergency liquidity loans to individuals and businesses in need of cash or those looking to boost their working capital. The land loans aim to assist SMEs by accepting land mortgages and selling back, refinancing, allowing loans for individuals ranging from 300,000 to 10 million baht and for legal entities from 300,000 baht up to 50 million baht, with a maximum loan amount of 70% of the government appraised land value.

The interest rate is set at 6.99-8.99% per annum for the first year, and from the second year onwards, MLR + a maximum of 2.85% per annum. (Currently, MLR = 6.150% per annum) The maximum repayment period is 5 years with a reducing principal and interest scheme, along with a 1-year principal payment holiday. Importantly, there is no credit bureau check, no income verification, and no need for a guarantor. The target for 2023 is to disburse loans totaling 10 billion baht, which can assist approximately 4,000–5,000 individuals and businesses.

Currently, services have already been piloted in 5 provinces: Bangkok, Nonthaburi, Pathum Thani, Samut Sakhon, and Samut Prakan. The full service is set to launch in January 2023, with plans to expand services to major cities across all regions in early 2023 and nationwide by mid-2023, primarily through branches of Government Savings Bank.

Mee Tee Mee Ngern Co., Ltd. was established in mid-2022, driven by the Government Savings Bank, with land serving as collateral for loans in the form of mortgages or selling back. This marks the first time a government agency has collaborated to establish a company and hold a significant stake, creating a new lending source to provide accessible loans with reasonable interest rates and fees. This initiative aims to alleviate debt issues, reduce financial inequality, and provide access to lower-cost funding sources to assist individuals and small businesses.

Mee Tee Mee Ngern Co., Ltd. was founded with the intention of fostering healthy competition in the land loan and selling back market, enabling all groups of people to access funding at fair costs and enhancing service efficiency. This venture is a collaboration between the Government Savings Bank, Tippayak Exponential Co., Ltd., and Bangchak Corporation Public Company Limited, with a registered capital of 1 billion baht established in mid-2022.