Policy credit serves people in “Hero Steel Island”

(VBSP News) On 6th August 2015, VBSP’s transaction point in Con Co island district (Quang Tri province) has been established enabling poor households and other policy beneficiaries to access preferential loan for socio- economic development combining with defense and social security.

Borrowing households are implementing loan procedures and receiving preferential loan

The establishment of transaction point and loan disbursement of VBSP’s Quang Tri branch in Con Co island district aims for enabling local people to access preferential loan in developing production, business, stabilizing living condition, contributing to socio-economic development, maritime sovereignty protection of the nation.

Right after establishment, nine households living in the island have borrowed from VBSP with the total loan amount of VND 430 million, the interest rate of 0.55%/month in 5 years.

At Con Co transaction point, the district Youth Union is the unit for lending cooperation, implementing supervision, guiding borrowing households in using loan with right purpose, promoting efficiency of policy credit resource to repay principal and interest in full, being a foundation for local poor households and other policy beneficiaries to access and expand policy credit resources.

At present, VBSP’s Quang Tri branch is implementing 14 policy credit programs with the total outstanding loan of VND 1,800 billion to more than 70,000 active borrowers through 2,209 savings and credit groups.

Policy credit has helped more than 35,900 households to get out of poverty; attracting and creating jobs for nearly 6,000 employees; assisting over 21,495 disadvantaged students with loans for studying; building 39,700 works for safe water and rural environment sanitation, building 3,335 houses for poor households that makes contribution to decreasing ratio of poor households to 9.42% at the end of 2014.