Job creation loans well off

Over the past time, many households have had more resources to develop economic models, create jobs, and improve their lives thanks to job creating loans from the Transaction Office of the Bank for Social Policies in Bac Tan Uyen district.

An officer of the Transaction Office of the Social Policy Bank of Bac Tan Uyen district visits Mr. Lam Van Cuong's durian garden at Cay Chanh hamlet in Tan Dinh commune.

Lam Van Cuong's family of Cay Chanh hamlet in Tan Dinh commune used to be a household with difficult circumstances. More than 20 years ago, from Tra Vinh to Binh Duong, Mr. Cuong worked hard to earn a living. Thanks to suffering and hard work, he has acquired a piece of land to settle down in Tan Dinh commune up to now.

In order to earn income to support the children, he and his wife still worked hard as hired rubber latex tappers every day. Besides, taking advantage of the available land fund, he boldly developed the economy with a model of planting rubber trees on an area of ​​1.5 hectares. The loan of VND 50 million from the Social Policy Bank help his family invest in buying seeds and fertilizers to take care of the rubber garden and increase his income. Later, due to low rubber prices and accumulated capital from planting rubber trees, he boldly converted to growing Thai and Ri 6 durian trees. Mr. Cuong said: “Initially, the family converted a part of rubber trees to test 70 durian roots. It is a pleasure because durian has a high yield, on average, a family can harvest more than 2 tons of durian to earn about VND 200 million a year, which minus the cost of profit will be more than VND 100 million profit. In 2019, we completely converted the remaining rubber tree area to durian trees of now 300 roots.”

Mr. Cuong added that, in the most difficult time, the loan from the Bank for Social Policies helped the family have more resources for economic development. Currently, he and his wife no longer have to tap latex and spend all their time taking care of the family's garden.

Not only Mr. Cuong's household but many households in Bac Tan Uyen district have effectively used loan funds to create jobs. In order for capital resources to be effective, the Bac Tan Uyen district Social Policy Bank Transaction Office has fully, promptly and publicly implemented policies related to the loan program to support employment, maintenance and expansion to all transaction points in communes and towns in the district.

Ms. Nguyen Thi Tuyet, Chairwoman of the Women's Union of Tan Dinh Commune, said: “As of June 21, 2022, the association is managing the total outstanding loans from the Transaction Office of the Social Policy Bank in Bac Tan Uyen district of VND 23 billion. Currently, the Women's Union manages 4 hamlets with 9 groups of savings and loans. Loans for job creation are mainly used to develop production and business, and to build models of animal husbandry and cultivation. Through the program, it has created conditions for many households to boldly build economic models, improve their lives, and reduce poverty sustainably.”

In order to create the most favorable conditions for policy beneficiaries, the Bac Tan Uyen district Social Policy Bank Transaction Office brings professional activities to serve at the People's Committees of communes and townships through the activities of the transaction team. Ms. Bui Thi Linh Ky, leader of the savings and loan group of the Women's Union of Tan Dinh commune, said: "In order to ensure the right loan source for the right audience and for the right purpose, the savings and loan group conducted a survey close to the policy objects in need. With quick procedures, preferential interest rates, the capital resource has effectively supported many difficult households to develop production and business to improve their lives.

Mr. Bui Quang Tuan, Director of the Transaction Office of the Bank for Social Policies in Bac Tan Uyen district, said that the job creation loans has helped develop production and business facilities in many fields. However, after the COVID-19 pandemic, in order to focus on socio-economic recovery, the capital resource was supplemented a lot without meeting the needs of the majority of people in the area. As of June 14, 2022, the Transaction Office has been allocated VND 28 billion for the job creation loan program. Basically, by the end of June, the Transaction Office had resolved all the above capital sources to promptly support the borrowing needs of the people.

Bac Tan Uyen district Social Policy Bank Transaction Office is considered as one of the units with good credit quality and low overdue debt accounting for only 0.05%. Savings mobilization and activities related targets are always completed early. Total outstanding loans as of May 31, 2022 was nearly VND 335 billion, an increase of more than VND 1 billion compared to April. Loan turnover was more than VND 7.7 billion to support 155 customers. Customers with outstanding loans at the Transaction Office were 6,630 as the collection rate of debt was 93%.

Reported by Tien Hanh – Translated by Vi Bao