BAC A BANK offers incentive loans to rural projects

July 13, 2021 | 10:46
Domestically-invested BAC A BANK is extending a preferential loan package from the Rural Development Fund II (RDFII) to support lives and business in rural areas.

With a view to boosting socioeconomic development, improving rural livelihoods, enhancing banking capacity and access to financial services for the public and small- and medium-sized enterprises (SMEs), BAC A BANK has signed a re-financing contract with state-owned Bank for Investment and Development of Vietnam (BIDV) on capital from the Rural Development Fund II (RDFII) financed by the World Bank.

Accordingly, BAC A BANK has become a member to provide the RDFII’s loans to SMEs.

BAC A BANK offers incentive loans to rural projects
BAC A BANK is offering a preferential loan package from the Rural Development Fund II (RDFII)

The RDFII is aimed to support rural economic development and rural people’s lives by encouraging investment among families and private enterprises, with medium- and long-term loans while strengthening the capacity of the banking system.

Many customers who have obtained loans from the RDFII said that the loans have helped them a lot in their business and production, helping them avoid black credit in rural areas.

Proving small-scale projects nationwide, except for those in the inner cities of Hanoi, Danang, Haiphong, and Ho Chi Minh City, BAC A BANK has once again confirmed its non-stop efforts to maximise customers’ benefits. Attractively, the loan is worth up to 75 per cent of the project’s total investment capital, and the maximum loan is VND2.3 billion ($100,000) for each project.

BAC A BANK provides assorted loans used for investing in transportation means in service for business and production activities in rural areas; machinery, equipment, materials, and input products, among many others.

The maximum lending time is 15 years, with a lending rate of 8.45 per cent a year.

BAC A BANK hopes that capital from the RDFII will further help enterprises to perform well and improve rural economic development.

By Thanh Tung

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional