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(VBSP News) Thanks to policy-based credit funds, many households in Gia Lam commune have had the opportunity to repair and upgrade their production and business facilities, creating jobs and increasing income. The timely and targeted disbursement of these funds is contributing to supporting people's economic development, improving their living standards, and ensuring social security in the area.
Loan capital provides support for household businesses.
Having worked as a hairdresser for many years, Ms. Doan Thi Thu Hang, from Phu Thi village, Gia Lam commune, used to own a small shop. As her customer base grew, she wanted to renovate and expand the space, invest in more equipment, and import more products to serve her customers. However, relying solely on her family's savings made investing in multiple items simultaneously quite difficult.
Disbursement activities of the Social Policy Bank. Photo: Hoang Anh.
Through policy-based loans, Ms. Hang received over 100 million VND. With this additional capital, she renovated and upgraded her shop, expanded the space, and added more products. The shop then became more spacious, and the services of cutting, styling, and washing hair were maintained, leading to an increase in customers. The more stable business helped improve her family's income.
Ms. Hang said that what she found advantageous was the quick and simple loan application process and reasonable interest rates. For households needing to invest but lacking sufficient capital, the preferential loan helps people have more opportunities to start a business or expand their operations. “The loan application process is quick and simple, and the interest rates are reasonable. I hope that more people will have access to this source of capital so they can invest in economic development,” Ms. Hang shared.
olicy-based funding meets the diverse needs of the people. Photo: Hoang Anh.
Not only Ms. Hang, but many other households in Gia Lam commune have accessed policy-based capital to support their production and business activities. The people's borrowing needs are quite diverse, ranging from service establishments and retail stores to production activities. For small businesses, affordable capital can help them invest more in their work and gradually stabilize their livelihoods.
Capital flows to meet the right needs.
In Gia Lam commune, policy credit funds are disbursed through a coordinated entrustment program between the Social Policy Bank's branch office and socio- political organizations. Savings and Loan Groups are one of the channels that bring funds closer to the people, while also coordinating in the recovery of loans when due.
The preliminary processing and preparation of onions and garlic at the production facility have access to policy-based funding. Photo: Provided by Gia Lam Commune Women's Association.
To date, the total outstanding debt of policy credit programs entrusted to socio-political organizations in the commune has reached VND 169.785 billion, with 1,976 households borrowing through 50 Savings and Loan Groups. Of this, the largest outstanding debt is from the employment creation loan program, reaching VND 133.332 billion. The rural clean water and sanitation program has reached VND 34.916 billion; social housing has reached VND 1.338 billion; and loans for those who have completed their prison sentences have reached VND 200 million.
The figures above show that people's needs for policy-based capital are quite diverse. For business households, the capital helps them invest more in their work; for households needing to improve their living conditions, loan programs for clean water and sanitation also provide practical support.
According to the plan, in the coming period, Gia Lam commune will continue to coordinate with the Social Policy Bank's branch office to review the loan needs of the people, improve the quality of operation of Savings and Loan Groups, and ensure that capital reaches the right target groups and is used for the right purposes. At the same time, the locality will strengthen debt recovery and interest collection on time, limit the 발생 of overdue debts; and monitor the use of capital to ensure that loans truly serve production, business, and daily life.
From small shops being gradually renovated and upgraded to households gaining additional jobs and income, policy-based credit is becoming one of the resources supporting the economic development of Gia Lam residents. Providing capital to meet specific needs helps people invest in businesses, create jobs, and increase income, thereby contributing to social security in the area.
Source: https://hanoimoi.vn/tin-dung-chinh-sach-tiep-suc-nguoi-dan-gia-lam-phat-trien-kinh-te-1215813.html
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