Ninh Hoa People's Credit Fund has helped many local people have capital to earn and improve living, partly reducing usury here.
Ninh Hoa People’s Credit Fund has helped many local people have capital to earn and improve living, partly reducing usury here.
Nguyen Thi Minh Dao (in Thuan My Hamlet, Ninh Quang Commune) told us that the storm Damrey in end 2017 damaged her house. Then, her family lent VND150 million from Ninh Hoa People’s Credit Fund to repair the house and buy field for farming. Now, her family is earning well and pays debts on schedule.
Bien Hien’s family in Tan Quang Hamlet, Ninh Quang Commune now has the biggest chicken raising farm in the district with thousands of chickens. Also owning to the credit from Ninh Hoa People’s Credit Fund, he has expanded production scale like this.
Ninh Hoa People’s Credit Fund was established on November 30, 2016 in Thach Thanh Hamlet, Ninh Quang Commune, Ninh Hoa Town. Initially, the fund operated only in Ninh Quang Commune. In end 2018, the State Bank – Khanh Hoa Branch accepted for the fund to expand to Ninh Hiep Ward. Most of the capital is for farmers and sellers to develop their living.
According to Vo Nguyen Tri An, director of Ninh Hoa People’s Credit Fund, till end 2018, total operating capital of the fund was nearly VND44 billion (increasing by 364%). Mobilized capital was VND30.1 billion (39.2% up), and credit balance was VND39 billion (39% up). The number of borrowers was over 700. Now, loans for farming make uo 32.2%, loans for trading and service make up 17%, loans for consumption make up 49.4%, and loans for others make up 1.4%. In March, 2019, the fund asked the State Bank – Khanh Hoa Branch to expand operation to Ninh Giang Ward.
According to Do Trong Thao, deputy director of the State Bank – Khanh Hoa Branch, the growth of mobilized capital and credit balance in Ninh Hoa People’s Credit Fund is higher that the general growth in the province. The fund has no bad debts and is earning profit. In the time to come, the fund need attend to lending to produce local farm products as well as consumer lending to reduce black credit.
Nam Du
Translated by T.T
