The HCM City Credit Guarantee Fund provided guarantees to eight projects of small- and medium-sized enterprises in 2016 so they could get loans worth a total of 360 billion VND (16.07 million USD).
Hanoi (VNA) - The HCM City Credit Guarantee Fund provided guarantees toeight projects of small- and medium-sized enterprises (SMEs) in 2016 so theycould get loans worth a total of 360 billion VND (16.07 million USD).
Thetotal investment of these eight projects is 813 billion USD.
Morethan 200 SMEs received support from the HCM City Credit Guarantee Fund thisyear, which includes financial consultancy.
Creditguarantee for SMEs to procure bank loans was not as efficient as expectedbecause of the requirement to mortgage assets, which SMEs found difficult tomeet.
However,the situation is expected to improve as policies are to be amended and loanssanctioned based on the evaluation of a project’s efficiency rather than themortgage of assets.
Thereare more than 120,000 SMEs in HCM City, which account for 96 percent of thetotal number of firms in the city.
Sinceit was formed in 2007, the HCM City Credit Guarantee Fund has provided loanguarantees to 121 SMEs, helping them procure loans worth 871 billion VND.
Statisticswith the Finance Ministry show that there are 27 credit guarantee fundsnation-wide with total charter capital of nearly 1.5 trillion VND. Theoutstanding loans that they have guaranteed total 361 billion VND.
Ata conference on December 13, Deputy Prime Minister Vuong Dinh Hue urged that amechanism be put in place to improve the efficiency of credit guarantee fundsso they can better support SMEs, in line with Government Resolution 35 aboutdeveloping businesses.-VNA
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