In order to enhance access to finance and restore production and business for women-owned businesses (female-owned businesses) affected by the Covid-19 epidemic, Saigon – Hanoi Bank recently ( SHB) launched a preferential financing program for women-owned SME businesses with funding from the Asian Development Bank (ADB).
Accordingly, SHB and ADB designed a program to support women-owned businesses with the purpose of supporting female-owned businesses to recover and stabilize production and business before the Covid-19 epidemic, helping businesses develop. Maximize your potential in contributing to the country’s socio-economic development. The project implementation period is expected from now until the end of 2022.
In the program, SHB supports reviewing debt repayment term structures for female-owned businesses that are facing difficulties due to the epidemic. If debt restructuring arises from January 7, 2021, you will receive 6 months of interest support and all fees related to debt restructuring will be waived. The value of this support is up to 230 million VND (corresponding to 10,000 USD).
In addition, to create business leverage for female-owned businesses to borrow new capital, ADB stands on behalf of customers to pay a capital withdrawal commitment fee of up to 8% of the loan value, and SHB also has preferential policies. Short-term interest rates start from only 3.85% to create conditions for customers to access low-cost credit capital.
In addition, SHB offers many incentives on account services for female-owned businesses such as giving beautiful digital accounts to businesses and leaders, 100% free salary payment service, free entire internet banking package, Free domestic money transfer.
Not only providing financial support, SHB will coordinate with ADB to organize training classes and consulting programs with the participation of leading experts to improve management skills for businesses, thereby improving High competitiveness and sustainable development.
Ms. Ngo Thu Ha – Deputy General Director of SHB said: “Women-owned businesses are increasingly contributing positively to economic development. We believe that, if there are supportive policies and solutions, especially during the Covid-19 period; This group of businesses will further promote their capabilities and strengths. Demonstrating the role of a leading joint stock commercial bank, SHB always accompanies and stands side by side with customers and businesses and brings optimal financial solutions.”
Women-owned businesses are defined as businesses owned by women at least 51% or at the same time meeting the following criteria: women own at least 21%, holding the highest or senior executive role. Second, and at least 30% of the board of directors are women (if the business has a Board of Directors).
According to the newly released Mastercard Women Entrepreneurs Index 2020 report, the number of small and medium-sized enterprises owned by women (female-owned businesses) in Vietnam is at 26.5%, ranking 9th out of 58 economies. The economy was studied in terms of the number of women in leadership roles, but ranked 44th in the index assessing business support conditions, showing that many activities are still needed to support female entrepreneurs. One of the biggest difficulties of female-owned businesses is limited access to financial capital, receiving only 5% of the total loan for businesses. Therefore, access to capital is the most urgent need of female-owned businesses.
Understanding this, through the preferential financing program for female-owned businesses, SHB wishes to help businesses minimize the impact of the COVID-19 pandemic, contributing to improving financial capacity, stability and development. develop business activities, thereby creating a foundation and resilience to achieve sustainable success in the future.