Luc Yen Social Policy Bank Transaction Office - People's support

>> Luc Yen District Social Policy Bank reduces costs for loan customers

As one of the households with a high-income economic development model in Yen Thang commune, Luc Yen district, Ms. Ma Phi Hong's family in Tam Pong village has more than 1 hectare of hilly land growing apple varieties such as sour, sweet, Taiwanese, T5... and a model of raising hundreds of chickens for an income of more than 400 million VND/year.

In 2024, due to the impact of the circulation of storm No. 3 YAGI, it caused severe damage, affecting the daily life and crop and livestock area of ​​Ms. Hong's family with an estimated loss of more than 200 million VND. During the difficult time, Ms. Hong's family received a timely loan of 85 million VND from the staff of the District Social Policy Bank Transaction Office to restore production and livestock. Thanks to that, the family's life has stabilized again, with over 15 tons of apples harvested at a selling price of 40,000 VND/kg.

Staff of the Social Policy Bank of Luc Yen district disburse loans to people.

In order for people to understand the Government's preferential credit policies as well as preferential loan programs for people affected by natural disasters and floods, in recent times, the Savings and Loan Group of Tam Pong village has regularly disseminated and informed about credit policy programs through meetings at the residential group, and actively guided borrowers to invest capital to develop appropriate and effective production and business models. Along with that, the Group regularly checks, urges, and reminds borrowers to use the loan capital for the right purpose. To date, the group has supported nearly 10 households with loans totaling over 500 million VND to help people develop their economy and stabilize their lives after the storm.

Immediately after the storm No. 3, the Luc Yen District Social Policy Bank Transaction Office directed credit officers to coordinate with local authorities and socio-political organizations entrusted to review loan customers who suffered losses, to apply appropriate risk handling measures in accordance with regulations. Accordingly, the transaction office has temporarily stopped collecting interest for more than 1,600 customers for 3 months (from September to December 2024); made debt forgiveness records for a period of 3-5 years for more than 78 customers directly affected with a debt forgiveness capital of more than 4 billion.

In addition, the Transaction Office promptly disbursed nearly 60 billion VND in loans to over 1,000 customers to support people in recovering their economy after the storm and flood, bringing the total outstanding loan balance to over 843 billion VND with over 12,000 customers. The timely disbursed capital has helped poor households and other policy beneficiaries invest in livestock, crop production, business, and gradually stabilize their lives.

With practical solutions and a sense of responsibility and sharing, the Luc Yen District Social Policy Bank Transaction Office has fulfilled its mission of being a support for the people, creating the best conditions for the economy in difficult areas to recover and grow faster after the storm.

Thu Trang - Duc Toan

Source: https://baoyenbai.com.vn/12/347793/Phong-Giao-dich-Ngan-hang-CSXH-Luc-Yen---Diem-tua-cua-nguoi-dan.aspx