SCB EIC says about 12% of operating Thai firms are "zombie firms": profits did not cover loan interest for two straight years, and they are over 3 years old. Property, hotels and restaurants have the highest share, and SMEs have nearly three times the zombie rate of large firms. The central bank governor says firms that lack capacity or cannot adapt will have to accept reality, and that support will target those with growth potential. SME lending has been negative for 16 quarters as banks tighten. For an SME owner, expect tighter credit and refinancing that is harder to get, so review debt-service capacity, cut fixed costs and adapt your business model now rather than waiting for recovery.