Trusted address to support members in developing production and business

Ngu Loc People's Credit Fund (QTDND) (Hau Loc) has gradually enhanced its reputation, promoted its role as a "support" for members, and promptly invested capital to help customers invest in economic development, create jobs for local workers, contribute to local economic development, push back black credit, and stabilize security in rural areas.

Trusted address to support members in developing production and business The family of Ms. Le Thi Ha, Thanh Lap village, Ngu Loc commune (Hau Loc) is a traditional customer of Ngu Loc People's Credit Fund.

QTDND Ngu Loc is licensed to operate in 6 communes, including: Ngu Loc, Minh Loc, Hung Loc, Hai Loc, Hoa Loc, Phu Loc. To gain the trust of local people, the fund not only disburses loans, but also advises on how to choose a suitable economic model, avoid risks, losses, and increase profits. In addition, the fund regularly takes care of its members. At the same time, there are many solutions to mobilize and lend, so the capital source is growing rapidly. To maintain safe operations, QTDND Ngu Loc has proactively introduced risk management and debt collection measures to prevent bad debts and improve credit quality. In addition, the fund proactively applies a flexible interest rate mechanism, exploits idle capital in the people, relatively fully meets the demand for loans with focus and key points according to local socio-economic development programs, especially the need for local capital sources for people to produce and develop the family economy.

For many years, the family of Ms. Le Thi Ha, Thanh Lap village, Ngu Loc commune has been a traditional customer of QTDND Ngu Loc. Thanks to timely capital support, Ms. Ha's family has been able to invest in expanding the grocery business model, gradually building a stable life. Ms. Ha said: Before accessing capital from QTDND Ngu Loc, the family had difficulties in developing the family economy, and their daily life was also very difficult. Through introductions and being approved for a loan of 700 million VND by the fund, the family has expanded the store, diversified business in various types of goods to serve the needs of local people, with a stable income, and the family's life has become increasingly prosperous.

Thanks to supporting members to develop the economy effectively, the reputation of Ngu Loc People's Credit Fund has been increasingly enhanced, the deposit rate has increased stably and sustainably, the service area has been increasingly expanded; gradually affirming its role in meeting the capital needs to serve the production and business needs of the people, actively contributing to sustainable poverty reduction in the locality. As of the end of April 2024, Ngu Loc People's Credit Fund had nearly 5,000 members with a total capital of nearly 450 billion VND. Thanks to attracting a large amount of idle money from the people, the fund has had capital to boost investment in households engaged in seafood processing and exploitation, production and service establishments, etc. The capital from the fund has solved loans for more than 1,000 members, with outstanding loans reaching more than 260 billion VND. Members use loans for the right purposes, promote efficiency, repay on time, and the overdue debt ratio is below the prescribed level. At the same time, it promotes the role of developing member economies, limiting the situation of "black credit", contributing to ensuring social security, and is highly appreciated by local authorities.

Ms. Tran Thi Dung, Director of Ngu Loc People's Credit Fund, said: To promote the role of "midwife" to support members in developing production and business, Ngu Loc People's Credit Fund has actively innovated lending activities, proactively approaching customers who are production and business establishments, processing, exploiting and trading aquatic and seafood products... In addition, the fund proactively applies a flexible interest rate mechanism, exploits idle capital sources among the people, relatively fully meets the needs for loans with focus and key points according to local socio-economic development programs, especially the need for local capital sources for people to produce and develop the family economy. Along with that, to ensure capital safety and at the same time help borrowers promote the effectiveness of loan capital, the Board of Directors has assigned local staff to proactively grasp customer information, analyze and evaluate specific production and business plans, investment models and plans... to determine the appropriate loan level. For corporate customers, the fund focuses on analyzing and evaluating financial reports, determining the value of collateral assets, and paying attention to the legality of loan applications and the ethics of borrowers. On the other hand, it focuses on checking, early detection, and thoroughly handling loans that are likely to become bad debts. Accompanying and sharing with members, QTDND Ngu Loc always improves service quality, adjusts reasonable loan interest rates, and quickly resolves loan procedures. Thereby, helping members reduce production costs and have timely cash flow to expand production and business.

Article and photos: Minh Ha

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