Loans facilitated for job creation

The program for providing loans for employment solutions implemented by the Social Policy Bank Branch in Thuan An city has been effectively utilized, helping many local workers to have conditions for economic development and improving their stable income and living standards.

From the source of borrowed capital to solve employment, Mr. Luu Ngoc Kim, Binh Nham ward has additional conditions for caring and developing the family's ornament flower garden

Timely loans

Together with the officials of the Social Policy Bank Branch of Thuan An city, we were surprised by the scale of Mr. Lưu Ngọc Kim's apricot garden during the survey on the effectiveness of loan utilization at his family's home in Bình Nhâm Ward, Thuan An city. To have the current apricot garden, Mr. Kim was previously granted 100 million VND by the bank from the job creation fund. With the capital, he bought apricot trees to take care of, shape, and sell them in the market. Currently, his apricot garden has various types, rich in terms of shapes, sizes, and prices; the profit achieved is at a ratio of 1 to 1.

Anh Kim shared that when he first established his plum garden, he encountered many difficulties due to lack of experience and production capital. Thanks to being introduced by the Savings and Loan Association of Binh Nham Ward, he was able to borrow preferential loans from the employment solution fund to invest in more than 20 different plum trees. Up to now, he has over 200 golden and quadruple plum trees. Every month, he pays back the principal and interest of the loan, which amounts to over 3 million VND. According to him, this loan amount is suitable for urban farmers operating in the agricultural sector.

Mr. Nguyen Cao Cuong, living in Binh Duc 2 neighborhood, Lai Thieu ward, Thuan An city, thanks to the government's financial support, has overcome difficulties and become a relatively well-off household in the local area. In 2019, Mr. Truong planned to upgrade his entire hair salon, but he didn't have the capital to do so. In 2020, approved by the Social Policy Bank Branch of Thuan An city, he invested in purchasing hair beauty equipment. The business is going smoothly, bringing him a stable income of about 20 million VND per month.

Credit capital is still timely supporting households with stable employment. Mr. Truong Thanh Dong, in Binh Phu neighborhood, Binh Chuan ward, Thuan An city, said that in June he received a disbursement of 90 million dong from the Social Policy Bank Transaction Office. With the capital, he opened a grocery store and imported goods for sale. Although the business is quite new, it has created jobs for him and other family members.

Contribution to social security

It can be said that, in the past 5 years, through credit policy programs, especially job creation loans, have contributed to creating employment opportunities and helped borrowers switch to suitable professions.

Mr. Dong Quoc Khai, Director of the Social Policy Bank Branch in Thuan An city, said that in order to facilitate people's access to policy credit sources, the branch has actively coordinated with the city to promote communication on public media. Every month, based on the surveyed capital needs from neighborhoods and hamlets, the branch flexibly implements solutions to balance credit capital from higher levels, collect repayments of loans due to organize disbursement. Before disbursing, the organizations, associations, neighborhood management boards, hamlets, savings groups, and lending organizations hold meetings to review loan applications, which are approved by the commune People's Committee. Therefore, borrowers are ensured to be eligible, use the loan for the intended purpose, have development potential, and create employment for workers.

With the allocated capital for the year, in the coming time, the Social Policy Bank Branch of Thuan An city will continue to coordinate the timely disbursement of capital sources, ensuring the completion of 100% of the assigned credit plan for the year. The branch will continue to coordinate with relevant units to advise the People's Committee of Thuan An city to supplement local entrusted capital for lending to policy credit programs in the area; urge the timely recovery of overdue debts, and promptly disburse revolving capital for borrowers.

The Social Policy Bank Branch in Thuan An city also collaborates with political and social organizations to enhance the inspection and control of new loan customers. This aims to maximize the effectiveness of the program, ensure the right target and purpose, and preserve state policy capital.

In 7 months of 2024, the Social Policy Bank Branch of Thuan An city has disbursed loans to 1,707 customers, with a total loan amount of 119,461 billion VND. The total outstanding debt of the branch is 598,026 billion VND, with 9,707 loan customers. The branch's inspection shows that all loan customers meet the eligibility criteria, use the funds for the intended purposes, and effectively utilize the capital after borrowing.

Reported by Thanh Hong – Translated by Vi Bao