Credit for production households in disadvantaged areas to rise
Each production and business household in disadvantaged areas nationwide from March 15 is able to borrow up to 50 million VND (2,170 USD), instead of the maximum loan of 30 million VND (1,300 USD).
Staff of the VBSP in Bac Ninh Province's Thuan Thanh District assist needy households to borrow loans. (Photo: VNA)
Hanoi (VNA)🌼 – Each production and business household in disadvantaged areas nationwide from March 15 is able to borrow up to 50 million VND (2,170 USD), instead of the maximum loan of 30 million VND (1,300 USD) regulated in current policy.
The new policy is in line with Decision No 306/QD-TTg on the adjustment of credit for productive business households in disadvantaged areas recently issued by the Prime Minister.
The decision also regulates that the Vietnam Bank for Social Policy, based on funding resources, investment demand and the borrowers’ ability to repay, can give out a loan of up to 100 million VND (4,340 USD).
As regulated in the decision, borrowers must have business plans or projects certified by the local Commune People’s Committees.
For those who want to borrow over 50 million VND, the decision regulates that the borrower must contribute at least 20 percent of the total capital need for the business. The borrower also has to use the assets formed from the loan capital as a loan guarantee.
For loan guarantee terms, the borrower does not need loan guarantees if the loan size is 50 million VND or below.
🐭 The borrower has to implement loan guarantees in accordance with regulations of the guarantee if the loan size is over 50 million VND.
The decision is not applied to additional loans for contracts signed before March 15.-VNA
The Vietnam Bank for Social Policy (VBSP) provided preferential loans totalling 23.8 trillion VND (1.1 billion USD) for 1.1 million clients in the first six months of this year.
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As many as 3.6 million households have escaped from poverty while 12 million people have found employment as direct and indirect outcomes of preferential loans from the Vietnam Bank for Social Policy.
Government-enacted credit policies dedicated to impoverished families nationwide had given preferential loans worth over 38.4 trillion VND (1.71 billion USD) to more than 1.8 million needy households
A credit policy that allows families who have just escaped from poverty within the last three years to receive preferential loans is proving effective in localities nationwide.
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Staff of the VBSP in Bac Ninh Province's Thuan Thanh District assist needy households to borrow loans. (Photo: VNA)
