Charoen Pokphand Foods (CPF) has partnered with Bangkok Bank (BBL) to launch the CPF x BBL liquidity scheme for suppliers.
The move aims to help CPF's suppliers strengthen their financial liquidity with working capital.
Prasit Boondoungprasert, chief executive of CPF, said the food and agribusiness group buys raw materials and goods from more than 10,000 suppliers. He said these suppliers have played a crucial role in enabling CPF to produce and deliver quality and safe food to consumers.
Mr Prasit praised BBL for its collaboration in the CPF x BBL liquidity scheme for suppliers, which will improve suppliers' access to low-cost financial assistance and keep them afloat.
Charamporn Jotikasthira, executive director of BBL, said his bank's officers were ready for consultations, while a digital platform was in place to ensure a convenient and fast service.
He believed the scheme would reinvigorate business operators, which is one of the bank's key policies.
Pipat Assamongkol, executive vice-president of BBL, explained that the loan scheme comes with a special interest rate and high loan amounts. The approval process has been shortened, and no collateral is required.
Customers can easily disburse the loans and repay them, while the online system allows them to check outstanding loans around the clock.
Thidarat Dechayonbuncha, senior vice-president of CPF, added that the liquidity scheme for suppliers follows the Faster Payment scheme that CPF has been running since October 2020. The scheme offers a credit term of 30 days to 6,000 small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic.
Ms Thidarat said those SMEs with the 30-day credit term enjoy higher liquidity and have witnessed no disruptions to their business. She said that SMEs have been delighted with the programme because it strengthens their finances and enables them to operate their businesses with stability in an uncertain economy.
