"Difficult situation" of small and medium enterprises

From now until the end of 2024, many experts predict positive business signals, but businesses will still face many difficulties and challenges. Geopolitical tensions are disrupting supply chains and trade activities, thereby posing barriers to growth in Vietnam - an economy with a high degree of openness.

Accounting for 97% of the total number of enterprises in our country, contributing over 40% of GDP, 33% of total state budget revenue, creating jobs for 36% of the total workforce, attracting 32% of total capital and generating 26% of total revenue in the business sector, the group of small and medium enterprises (SMEs) plays an important role in the overall development of the economy, but is also "vulnerable" to the impacts and changes of the market.

a111111.jpg
Photo: Freepik

Newly established, newly entering the industry, economic sector, limited labor scale and revenue, lack of collateral, having collateral but low asset value... are the main reasons why many SMEs find it difficult to access preferential loans from banks. According to the survey results of the Central Institute for Economic Management Research, only about 30% of small and medium enterprises access formal financial sources through the banking system, while up to 70% have to mobilize from friends, borrow informally...

Finding solutions to “unblock” capital to this group of businesses needs to be approached from many sides. Capital policies for businesses need to be more diverse and flexible; businesses themselves need to be aware of their strengths and weaknesses in order to perfect and improve their processes, meeting new requirements in enhancing management capacity.

Joining hands to improve the resilience of small and medium enterprises in Vietnam

Aiming at the goal of providing comprehensive financial support to the business community with a commitment to accompany development, Bac A Commercial Joint Stock Bank (Bac A Bank) launched a Credit product for Small and Medium Enterprises with many incentives on interest rates, credit rates and optimized simplified processes.

a222222222.png

This is an optimal financial solution and is specifically designed for small, medium and micro enterprises that need to issue guarantees, need to borrow to invest in fixed assets, and supplement working capital for production and business activities. The special attraction of this product is that the credit ratio on the value of the collateral is up to 90%; the minimum ratio of collateral to the guarantee obligation is only 0%. In case the enterprise does not have collateral, the loan amount is also up to 20% of the loan value, up to a maximum of 10 billion VND.

Up to now, SME enterprises have always been one of the key segments, which Bac A Bank has researched and "tailored" many preferential policies to suit the needs of each period, supporting enterprises to keep up with the transformation of the market. With preferential lending interest rates; flexible application of guarantee letter forms; simplified and streamlined financial records, suitable for the characteristics of small and medium enterprises, Bac A Bank's products promise to help SME enterprises solve the problem of loan capital, create momentum to accelerate business and improve competitiveness.

Understanding that many businesses are in dire need of "energy" for the stage of establishing business platforms, Bac A Bank actively implements many programs to support customers to overcome difficulties and optimize costs. In addition to the above attractive credit products, Bac A Bank's corporate customers receive additional "double benefits" thanks to a series of incentives implemented in parallel such as: Free beautiful account numbers; "Super preferential fee - Accelerate business" program with "zero fee list" and attractive fee exemption and reduction policy, effective for guarantee services, international payment, trade finance; Preferential policy for salary payment service via Bac A Bank account with many fees exempted up to 100%...

The launch of the Credit Grant product for Small and Medium Enterprises once again affirms Bac A Bank's efforts and commitment in its 30-year journey of accompanying businesses in sustainable development.

For more information, visit the website: www.baca-bank.vn, or contact the Customer Care Center at 1800 588 828 or the Bac A Bank nationwide Branch/Transaction Office system.

Bui Huy