"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 labor force, 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.

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Photo: Freepik

Being newly established, newly entering the industry, economic sector, having limited labor scale and revenue, lacking collateral, having collateral but low asset value... are the main reasons why many SMEs have difficulty accessing preferential loans from banks. According to the survey results of the Central Institute for Economic Management Research, small and medium enterprises accessing formal financial sources through the banking system only account for about 30%, 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 also need to be aware of their strengths and weaknesses to perfect and improve 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.

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This is an optimal financial solution and is specifically designed for medium, small 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 the credit ratio on the value of the collateral is up to 90%; the minimum ratio of collateral to the guarantee obligation is only from 0%. In case the enterprise does not have collateral, the loan amount is also up to 20% of the loan value, maximum 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 loan interest rates; flexible application of guarantee letter templates; 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 foundations, 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 Granting 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 1800 588 828 or the Bac A Bank nationwide Branch/Transaction Office system.

Bui Huy