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For many years, Ms. Nguyen Thi Ha's family in Hai Loc commune, Hau Loc district has been a loyal customer of Ngu Loc People's Credit Fund. Thanks to timely loan support, Ms. Ha's family has been able to invest in expanding the grocery business model to serve the needs of local people, with a stable income and the family's life becoming increasingly better.
Ms. Nguyen Thi Ha, Hai Loc Commune, Hau Loc District, Thanh Hoa Province said: "I am very satisfied with the loan from Ngu Loc Credit Fund, the paperwork and procedures are quick and easy, the staff is enthusiastic. From a small shop, I have expanded it to a relatively larger shop."
Ngu Loc People's Credit Fund is licensed to operate in 6 communes of Hau Loc district. With the goal of benefiting the people, Ngu Loc People's Credit Fund always creates the most favorable conditions for people to borrow capital and develop production and business. To operate effectively, the fund is flexible in interest rates. That is, mobilizing higher interest rates than commercial banks to attract capital and idle money sources among the people. At the same time, reducing lending interest rates lower than commercial banks. Along with that, to ensure safety and help borrowers effectively promote 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... thereby determining appropriate loan levels. For corporate customers, the fund focuses on analyzing and evaluating financial reports, determining the value of collateral assets and reviewing the legality of borrowers' loan applications. It focuses on checking, early detection and final settlement of loans that are likely to become bad debts. On the other hand, the unit regularly and promptly grasps the production, business and fluctuations of members to have measures to support and work with members to resolve difficulties and problems such as: debt extension, interest rate adjustment, interest rate reduction... when members are in difficult circumstances due to epidemics, natural disasters, calamities... Thanks to that, Ngu Loc People's Credit Fund has created trust among local people.
Mr. Nguyen Van Ngu, Chairman of the Board of Directors of Ngu Loc People's Credit Fund, Thanh Hoa province
Mr. Nguyen Van Ngu, Chairman of the Board of Directors of Ngu Loc People's Credit Fund, Thanh Hoa province added: "The staff is dedicated, thoughtful, ensuring culture and style in the process of serving the people. Therefore, the Fund is currently trusted by the people and customers."
By 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. Capital from the fund has solved loans for more than 1,000 members, with outstanding loans reaching more than 260 billion VND. Currently, Ngu Loc People's Credit Fund is leading in scale, with the highest capital and outstanding loans in the People's Credit Fund system in Thanh Hoa province. Members use loans for the right purposes, promote efficiency, pay on time, and the overdue debt ratio is below the prescribed level. At the same time, they promote the role of developing the member economy, limiting the situation of usury and "black credit", contributing to ensuring social security.
Mr. Doan Van Nga, Chairman of the People's Committee of Minh Loc commune, Hau Loc district, Thanh Hoa province
Mr. Doan Van Nga, Chairman of the People's Committee of Minh Loc commune, Hau Loc district, Thanh Hoa province shared: " In addition to the effectiveness of economic development and increasing people's income, the Credit Fund also contributes to ensuring social security, and the situation of black credit in the area has significantly decreased."
Thanh Hoa currently has 67 People's Credit Funds, operating in 18 districts, towns and cities, with a total of nearly 117,000 members; total capital reaching over VND 8,600 billion, outstanding credit reaching VND 6,200 billion. The credit quality of the funds is basically guaranteed, the bad debt ratio is within the allowable limit, accounting for 0.4% of total outstanding loans. Along with improving financial capacity by increasing charter capital, attracting new members on the basis of linking capital expansion with member loan support, People's Credit Funds also focus on training to improve management and operation capacity, restructuring the system, ensuring the bad debt ratio is within the safe threshold, increasing the effectiveness of mutual assistance activities in the member community, ensuring capital mobilization, quick and safe lending, increasing the effectiveness of community mutual assistance activities for sustainable development.
Ms. Luu Thi Dung, Chairwoman of the Board of Directors of Loc Son People's Credit Fund, Thanh Hoa province said: "The Fund always creates favorable conditions and incentives for production and business households in the area".
Mr. Trinh Dinh Toan, Party Secretary of Loc Son commune, Hau Loc district, Thanh Hoa province
Mr. Trinh Dinh Toan, Secretary of the Party Committee of Loc Son Commune, Hau Loc District, Thanh Hoa Province added: "In recent years, the credit has had many customers. From there, it has contributed to Loc Son Commune in completing political tasks, developing the economy, and reducing poverty."
In 2024, the State Bank of Vietnam, Thanh Hoa province branch, will continue to strengthen inspection, examination and supervision of the operations of the People's Credit Fund system to ensure safety and consolidate the fund system. At the same time, it will direct grassroots People's Credit Funds to implement solutions to enhance financial capacity, internal control, improve quality and efficiency of operations, promote bad debt handling and credit growth along with strengthening credit quality control. The credit fund system will proactively reduce operating costs, reduce profit targets to reduce lending interest rates, and share difficulties with members in the process of developing production and business activities.
Source: Business Newsletter May 12, 2024
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