The Impact of Policy Loan Programs on the People of Buon Don District (28/06/2024, 09:00)

Thanks to access to policy loan programs, many struggling families and business households in the border district of Buon Don have been able to develop economically, invest in production and livestock farming, gradually alleviating poverty, and striving towards prosperity.

Mr. Nguyen Van Quang from Doi Cay hamlet, Tan Hoa commune, Buon Don district, shared that in 2015, his family received over 100 million VND from various loan programs offered by the Buon Don District Branch of the Social Policy Bank. These loans included funds for poor households, clean water, students, and labor export. His family invested in livestock farming and education, sending their children abroad for work. Today, they have built a spacious house, sent two children to work in Japan, and enjoy a much-improved quality of life.

Buon Don District Social Policy Bank Officers Disbursing Loans to the People

Mrs. Hoang Thi Hong from Hamlet 13, Tan Hoa commune, Buon Don district, currently owns 6 sao (about 2.16 acres) of land. Due to harsh climate conditions and water scarcity, she decided to borrow 20 million VND from the Clean Water and Sanitation Program to drill a well. This has allowed her to take better care of her crops, significantly improving her economic situation and easing her life. After repaying the loan on time, she borrowed an additional 50 million VND from the Preferential Loan Program for poor households to invest in goat farming. She now has a herd of 10 goats, with stable meat prices, and is confident she will make a profit and repay the loan within the year.

Receiving a 30 million VND loan from the production and business household program for difficult areas, Ms. Nguyen Thi Phuong from Hamlet 12, Tan Hoa commune, invested in additional sewing machines and equipment. This has created jobs for two local workers, expanded her business, and increased her income by taking on more orders.

Mr. Vo Khac Huy, Director of the Buon Don District Branch of the Social Policy Bank, stated that the bank has implemented 13 loan programs in the district. In addition to promoting awareness and openly publishing the interest rates of each program, the bank has signed interagency agreements for entrusting loans to poor households and other policy beneficiaries with four socio-political organizations: the Farmers' Association, Women's Union, Veterans' Association, and Youth Union. These organizations are responsible for entrusting loans to their members and coordinating the transfer of scientific and technological knowledge, agricultural extension programs, and vocational training, helping borrowers use the loans effectively, create jobs, and increase income. This contributes to the successful implementation of national target programs and ensures social welfare.

Social Policy Bank Officers in Buon Don Branch Inspecting Loan Use in Tan Hoa Commune

Thanks to the active involvement of socio-political organizations, the Social Policy Bank's funds have promptly reached the people, meeting the borrowing needs of the beneficiaries. To date, the total outstanding loans in the district have reached nearly 470 billion VND, an increase of nearly 1.7% compared to the same period in 2023, providing loans to 9,619 poor households and other policy beneficiaries. Additionally, more than 22 billion VND has been mobilized in savings, an increase of over 1 billion VND compared to the end of 2023.

Furthermore, socio-political organizations closely coordinate and regularly inspect and supervise the entrusted activities according to the signed interagency agreements. They oversee savings and loan groups to ensure the loan programs are implemented openly, democratically, transparently, and appropriately directed to the beneficiaries. They also remind members to pay interest on time. As a result, the rate of bad debts and overdue debts in the district is very low, accounting for only 0.006% of the total outstanding loans.

 

Tran Tu Anh