Timely loan support
In early 2024, Ms. Le Thi Minh’s family, village 11, Nam Dong commune, received a loan of 50 million VND under the new households escaping poverty program. With capital, her family invested in buying 50 breeding goats to raise. Currently, the breeding process is going quite smoothly.
According to Ms. Minh’s calculations, if things go well, by the end of 2024, her family will sell 1-2 litters of goats. Her family will reinvest the profits from raising goats into taking care of fields, short-term crops and raising pigs for meat.
“Timely support of capital makes it quite convenient for the family to invest in livestock farming. This greatly contributes to the family limiting the need to borrow money to invest in production like in previous years,” Ms. Minh shared.
In Dak Song district, in early 2024, many families received preferential loans from the Bank for Social Policies. Mr. Nguyen Van Hoang’s household in Duc An town received preferential loans to raise pigs for meat and initially brought high efficiency.
Mr. Thien shared: “People’s lives today mainly rely on farming and animal husbandry. Currently, agricultural product prices are high, people are excited. In particular, with preferential capital from the Social Policy Bank, we boldly invest in more livestock.”
According to Mr. Thien, the loan from the Bank for Social Policies has preferential interest rates and a long loan period, so farmers reduce the burden of paying principal and interest. Loan documents are simple and convenient, providing great support for poor farmers.
In the first 3 months of 2024 alone, loan sales at Dak Nong Social Policy Bank reached over 372 billion VND. With this capital, the whole province has had access to 7,545 poor, near-poor, and policy families.
Many programs have high loan turnover such as: lending to production and business households in disadvantaged areas; lending to poor households; lending to near-poor households; loans for clean water and environmental sanitation…
Promote review of loan needs
According to the Provincial Bank for Social Policies Branch, the beginning of the year is the time when people really need capital to reinvest in crops. With the motto of not letting people miss the right time to invest, the unit advises representative boards and local governments to step up the review of loan needs at the grassroots level.
In particular, the bank will prioritize poor households, near-poor households, and households facing difficulties in remote areas.
The branch promotes inspection and supervision activities, especially post-loan inspection. Thereby, the bank not only limits risks after borrowing capital, but also guides and supports borrowers to use capital for the right purpose, helping people maximize capital efficiency.
Along with reviewing and promptly disbursing loans, many measures such as debt extension, debt term adjustment… are specifically implemented by the bank. Through these solutions, borrowers partly reduce their burden and feel secure in investing in production and business.
“In order for capital resources to be effective, the unit promotes inspection and supervision, especially post-loan inspection. We strive to both limit risks after borrowing capital, and at the same time guide and support borrowers to use it for the right purpose, helping people maximize the effectiveness of loan capital”, Deputy Director of VBSP. Dak Nong Nguyen Tien Ha said.
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By the end of March 2024, the total loan balance for preferential policy credit programs in Dak Nong province is over 4,41310 billion VND, an increase of 133 billion VND compared to the end of 2023. The whole province has nearly 72,400 households. The family still has outstanding debt.
