Society

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).
Credit for production households in disadvantaged areas to rise ảnh 1 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

VNA
#Decision No 306/QD-TTg#Vietnam Bank for Social Policy#household in disadvantaged areas
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